This case involves a joint petition filed by Syndicate Bank and Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Visa Drugs and Pharmaceuticals Private Limited. The financial creditors claim that the corporate debtor defaulted on its financial obligations. The corporate debtor argued that the application was not maintainable and that there was no proper authorization for initiating the CIRP. The financial creditors contended that the corporate debtor had made representations regarding its business stability and potential, based on which they sanctioned credit facilities. However, the corporate debtor failed to meet its obligations, leading to outstanding
…M/s. Syndicate Bank and M/s. Union Bank of India, acting as financial creditors, filed a joint petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Visa Drugs and Pharmaceuticals Private Limited, the corporate debtor. The corporate debtor is engaged in manufacturing medicines and has a factory in Himachal Pradesh and a registered office in Kolkata. In 2016, the corporate debtor approached the financial creditors for various credit facilities, including overdraft, cash credit, term loan, and bank guarantee. The financial creditors sanctioned these facilities based on the representations made by the corporate debtor's directors regarding the business's potential and stability.
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Working Capital facility agreement, Joint Deed…
Financial Creditor No. 1 issued a notice to…
This case involves a joint petition filed by Syndicate Bank and Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Visa Drugs and Pharmaceuticals Private Limited. The financial creditors claim that the corporate debtor defaulted on its financial obligations. The corporate debtor argued that the application was not maintainable and that there was no proper authorization for initiating the CIRP. The financial creditors contended that the corporate debtor had made representations regarding its business stability and potential, based on which they sanctioned credit facilities. However, the corporate debtor failed to meet its obligations, leading to outstanding
…M/s. Syndicate Bank and M/s. Union Bank of India, acting as financial creditors, filed a joint petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Visa Drugs and Pharmaceuticals Private Limited, the corporate debtor. The corporate debtor is engaged in manufacturing medicines and has a factory in Himachal Pradesh and a registered office in Kolkata. In 2016, the corporate debtor approached the financial creditors for various credit facilities, including overdraft, cash credit, term loan, and bank guarantee. The financial creditors sanctioned these facilities based on the representations made by the corporate debtor's directors regarding the business's potential and stability.
…Working Capital facility agreement, Joint Deed…
Financial Creditor No. 1 issued a notice to…