The case pertains to an application filed by United Chloro Paraffins Private Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The corporate debtor stated that it was unable to repay a debt of Rs. 29.78 crores to State Bank of India, the sole financial creditor. The corporate debtor had taken a loan of Rs. 67 lakhs in 2003 from State Bank of India, SME Branch, Howrah, at an interest rate of 12.60% p.a. They also availed a cash credit facility. They were repaying the loan regularly until 2015 when a market crisis and natural calamities caused their business to become standstill, resulting in significant losses and inability to repay the loan.
United Chloro Paraffins Private Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) because they were unable to repay a debt of Rs. 29.78 crores to State Bank of India (SBI), their financial creditor. In 2003, the company had taken a loan of Rs. 67 lakhs from SBI at an interest rate of 12.60% p.a. and availed a cash credit facility. Until 2015, they were repaying the loan regularly. However, due to a market crisis and natural calamities in 2015, their business became standstill, resulting in significant losses. SBI supported the corporate debtor's application. Two operational creditors, M/s. Kutch Chemical Industries Ltd. and M/s. Panoli Intermediates (India) Pvt. Ltd., filed
…Sign in to view the parties.
United Chloro Paraffins Private Ltd. took a…
Due to market crisis and natural calamities,…
The case pertains to an application filed by United Chloro Paraffins Private Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The corporate debtor stated that it was unable to repay a debt of Rs. 29.78 crores to State Bank of India, the sole financial creditor. The corporate debtor had taken a loan of Rs. 67 lakhs in 2003 from State Bank of India, SME Branch, Howrah, at an interest rate of 12.60% p.a. They also availed a cash credit facility. They were repaying the loan regularly until 2015 when a market crisis and natural calamities caused their business to become standstill, resulting in significant losses and inability to repay the loan.
United Chloro Paraffins Private Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) because they were unable to repay a debt of Rs. 29.78 crores to State Bank of India (SBI), their financial creditor. In 2003, the company had taken a loan of Rs. 67 lakhs from SBI at an interest rate of 12.60% p.a. and availed a cash credit facility. Until 2015, they were repaying the loan regularly. However, due to a market crisis and natural calamities in 2015, their business became standstill, resulting in significant losses. SBI supported the corporate debtor's application. Two operational creditors, M/s. Kutch Chemical Industries Ltd. and M/s. Panoli Intermediates (India) Pvt. Ltd., filed
…United Chloro Paraffins Private Ltd. took a…
Due to market crisis and natural calamities,…