The case involves an application filed by Central Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Sunlight Extrusion Pvt. Ltd. The bank had sanctioned various credit facilities to the corporate debtor, including cash credit, term loans, and inland/import LC cum buyers credit, secured by hypothecation of assets and book debts. The corporate debtor failed to comply with the terms of sanction and defaulted in payments, leading to its accounts being classified as NPA on 29.03.2016. The bank issued a demand notice under SARFAESI Act on 08.06.2016, demanding Rs. 14,21,08,197.00. The corporate debtor denied its loan liability and execution of documents.
Central Bank of India sanctioned cash credit, term loans, and inland/import LC cum buyers credit to Sunlight Extrusion Pvt. Ltd. The loans were secured by hypothecation of assets and book debts. In 2011, the bank sanctioned a cash credit limit of Rs. 3,00,00,000 and a letter of credit limit of Rs. 2,00,00,000. Later, the bank enhanced the credit facilities, including a cash credit ODBD limit of Rs. 9,70,00,000 and a term loan of Rs. 3,00,00,000. The corporate debtor failed to comply with the terms of sanction and defaulted in payments. The accounts were classified as NPA on 29.03.2016. The bank issued a notice under the SARFAESI Act on 08.06.2016, demanding Rs. 14,21,08,197.00. The corporate debtor offered a settlement proposal admitting debt liability of Rs. 5.0 Crore
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Corporate Debtor approached Petitioner Bank for…
Petitioner Bank sanctioned cash credit limit of…
The case involves an application filed by Central Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Sunlight Extrusion Pvt. Ltd. The bank had sanctioned various credit facilities to the corporate debtor, including cash credit, term loans, and inland/import LC cum buyers credit, secured by hypothecation of assets and book debts. The corporate debtor failed to comply with the terms of sanction and defaulted in payments, leading to its accounts being classified as NPA on 29.03.2016. The bank issued a demand notice under SARFAESI Act on 08.06.2016, demanding Rs. 14,21,08,197.00. The corporate debtor denied its loan liability and execution of documents.
Central Bank of India sanctioned cash credit, term loans, and inland/import LC cum buyers credit to Sunlight Extrusion Pvt. Ltd. The loans were secured by hypothecation of assets and book debts. In 2011, the bank sanctioned a cash credit limit of Rs. 3,00,00,000 and a letter of credit limit of Rs. 2,00,00,000. Later, the bank enhanced the credit facilities, including a cash credit ODBD limit of Rs. 9,70,00,000 and a term loan of Rs. 3,00,00,000. The corporate debtor failed to comply with the terms of sanction and defaulted in payments. The accounts were classified as NPA on 29.03.2016. The bank issued a notice under the SARFAESI Act on 08.06.2016, demanding Rs. 14,21,08,197.00. The corporate debtor offered a settlement proposal admitting debt liability of Rs. 5.0 Crore
…Corporate Debtor approached Petitioner Bank for…
Petitioner Bank sanctioned cash credit limit of…