State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vindhyavasini Corporation Private Limited, the Corporate Debtor, due to a default of Rs. 338.55 Crores. The Corporate Debtor had approached the Petitioner for credit facilities/term loans, which were sanctioned via a Letter of Arrangement dated 21.09.2010. Subsequently, the Petitioner granted renewal and enhancement of further facilities via a Sanction Letter dated 24.03.2012. The Corporate Debtor defaulted on repayments as of 31.12.2012, leading the Petitioner to classify the account as NPA on 31.03.2013. The Petitioner issued a demand notice under Section 13 of the SARFAESI Act, 2002, and filed an
…State Bank of India (SBI) extended credit facilities to Vindhyavasini Corporation Private Limited. A Letter of Arrangement was issued on 2010-09-21, followed by a Sanction Letter on 2012-03-24. The Corporate Debtor defaulted on repayments by 2012-12-31, leading SBI to classify the account as a Non-Performing Asset (NPA) on 2013-03-31. SBI issued a demand notice under Section 13 of the SARFAESI Act on 2013-07-02 and filed Original Application No. 760/2014 before the Debts Recovery Tribunal (DRT), Mumbai, on 2014-06-26. The DRT granted interim relief on 2015-01-08, restraining the Corporate Debtor from creating third-party rights on secured assets. SBI declared the Corporate Debtor as a willful defaulter in September 2014. A Forensic Audit was conducted in November 2015,
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State Bank of India issued a Letter of…
State Bank of India granted renewal and…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vindhyavasini Corporation Private Limited, the Corporate Debtor, due to a default of Rs. 338.55 Crores. The Corporate Debtor had approached the Petitioner for credit facilities/term loans, which were sanctioned via a Letter of Arrangement dated 21.09.2010. Subsequently, the Petitioner granted renewal and enhancement of further facilities via a Sanction Letter dated 24.03.2012. The Corporate Debtor defaulted on repayments as of 31.12.2012, leading the Petitioner to classify the account as NPA on 31.03.2013. The Petitioner issued a demand notice under Section 13 of the SARFAESI Act, 2002, and filed an
…State Bank of India (SBI) extended credit facilities to Vindhyavasini Corporation Private Limited. A Letter of Arrangement was issued on 2010-09-21, followed by a Sanction Letter on 2012-03-24. The Corporate Debtor defaulted on repayments by 2012-12-31, leading SBI to classify the account as a Non-Performing Asset (NPA) on 2013-03-31. SBI issued a demand notice under Section 13 of the SARFAESI Act on 2013-07-02 and filed Original Application No. 760/2014 before the Debts Recovery Tribunal (DRT), Mumbai, on 2014-06-26. The DRT granted interim relief on 2015-01-08, restraining the Corporate Debtor from creating third-party rights on secured assets. SBI declared the Corporate Debtor as a willful defaulter in September 2014. A Forensic Audit was conducted in November 2015,
…State Bank of India issued a Letter of…
State Bank of India granted renewal and…