Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Super Shiv Shakti Chemicals Private Limited, claiming to be a Financial Creditor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loan amount. The applicant is a banking company constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980. The respondent, Super Shiv Shakti Chemicals Private Limited, is a private limited company engaged in the manufacturing/supply of explosives. The respondent had availed various credit facilities from the applicant, including cash credit and term loans. The loan accounts of the corporate debtor were classified as NPA
…Oriental Bank of Commerce (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Super Shiv Shakti Chemicals Private Limited (the Respondent/Corporate Debtor). The Applicant claimed to be a Financial Creditor. The Respondent is a private limited company engaged in manufacturing/supply of explosives. The Respondent availed credit facilities from the Applicant, including a Cash Credit Facility of Rs. 5,00,00,000/- sanctioned on 09.01.2013, Term Loan I of Rs. 3,64,00,000/- sanctioned on 17.10.2013, and Term Loan II of Rs. 10,00,00,000/- sanctioned on 17.02.2015. The Loan Accounts were classified as NPA on 30.03.2017. The Applicant issued a notice under Section 13(2) of the SARFAESI Act, 2002, demanding Rs.
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Cash Credit Facility of…
Term Loan I…
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Super Shiv Shakti Chemicals Private Limited, claiming to be a Financial Creditor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loan amount. The applicant is a banking company constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980. The respondent, Super Shiv Shakti Chemicals Private Limited, is a private limited company engaged in the manufacturing/supply of explosives. The respondent had availed various credit facilities from the applicant, including cash credit and term loans. The loan accounts of the corporate debtor were classified as NPA
…Oriental Bank of Commerce (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Super Shiv Shakti Chemicals Private Limited (the Respondent/Corporate Debtor). The Applicant claimed to be a Financial Creditor. The Respondent is a private limited company engaged in manufacturing/supply of explosives. The Respondent availed credit facilities from the Applicant, including a Cash Credit Facility of Rs. 5,00,00,000/- sanctioned on 09.01.2013, Term Loan I of Rs. 3,64,00,000/- sanctioned on 17.10.2013, and Term Loan II of Rs. 10,00,00,000/- sanctioned on 17.02.2015. The Loan Accounts were classified as NPA on 30.03.2017. The Applicant issued a notice under Section 13(2) of the SARFAESI Act, 2002, demanding Rs.
…Cash Credit Facility of…
Term Loan I…