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 Corporate Debtor. The Financial Creditors allege that the Corporate Debtor defaulted on its obligations towards them, leading to outstanding dues. The Corporate Debtor, engaged in manufacturing medicines, had approached the Financial Creditors in 2016 for various credit facilities. Agreements were entered into, but the Corporate Debtor failed to perform its obligations. The Financial Creditors issued a notice to the Corporate Debtor to repay the outstanding amount, but the Corporate Debtor
…M/s. Syndicate Bank and M/s. Union Bank of India, acting as Financial Creditors, jointly filed a 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, a company engaged in the business of manufacturing medicines, had approached the Financial Creditors in 2016 for sanctioning an overdraft facility, cash credit facility, term loan, and bank guarantee. The Directors of the Corporate Debtor made representations about the potential and stability of the business, based on which the Financial Creditors sanctioned the facilities. Various agreements were entered into on 12th August, 2016, including a
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The Corporate Debtor approached the Financial…
The Financial Creditors and the Corporate…
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 Corporate Debtor. The Financial Creditors allege that the Corporate Debtor defaulted on its obligations towards them, leading to outstanding dues. The Corporate Debtor, engaged in manufacturing medicines, had approached the Financial Creditors in 2016 for various credit facilities. Agreements were entered into, but the Corporate Debtor failed to perform its obligations. The Financial Creditors issued a notice to the Corporate Debtor to repay the outstanding amount, but the Corporate Debtor
…M/s. Syndicate Bank and M/s. Union Bank of India, acting as Financial Creditors, jointly filed a 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, a company engaged in the business of manufacturing medicines, had approached the Financial Creditors in 2016 for sanctioning an overdraft facility, cash credit facility, term loan, and bank guarantee. The Directors of the Corporate Debtor made representations about the potential and stability of the business, based on which the Financial Creditors sanctioned the facilities. Various agreements were entered into on 12th August, 2016, including a
…The Corporate Debtor approached the Financial…
The Financial Creditors and the Corporate…