State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Surya Pharmaceutical Limited. The application was based on the corporate debtor's default on financial facilities availed from the State Bank of India and other consortium banks. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 18.04.2012. Despite recall notices, the corporate debtor failed to clear the outstanding debt, leading to the filing of this application.
State Bank of India (SBI), acting as the 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Surya Pharmaceutical Limited, the 'Corporate Debtor'. The Corporate Debtor is a company registered under the Companies Act, 1956, involved in manufacturing Active Pharmaceutical Ingredients (API). The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 18.04.2012. The total amount in default as of 10.07.2018 was Rs. 1571,09,44,381.60, including uncharged interest from 18.08.2012 to 10.07.2018. The Financial Creditor presented various documents, including sanction letters, loan agreements, and security details, to support its
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The account of the Corporate Debtor was…
The Financial Creditor issued a recall notice to…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Surya Pharmaceutical Limited. The application was based on the corporate debtor's default on financial facilities availed from the State Bank of India and other consortium banks. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 18.04.2012. Despite recall notices, the corporate debtor failed to clear the outstanding debt, leading to the filing of this application.
State Bank of India (SBI), acting as the 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Surya Pharmaceutical Limited, the 'Corporate Debtor'. The Corporate Debtor is a company registered under the Companies Act, 1956, involved in manufacturing Active Pharmaceutical Ingredients (API). The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 18.04.2012. The total amount in default as of 10.07.2018 was Rs. 1571,09,44,381.60, including uncharged interest from 18.08.2012 to 10.07.2018. The Financial Creditor presented various documents, including sanction letters, loan agreements, and security details, to support its
…The account of the Corporate Debtor was…
The Financial Creditor issued a recall notice to…