Axis Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Sri Vinayakha Spinning Mills Private Limited due to default in repayment of financial debt.
Axis Bank Ltd. filed a petition under Section 7 of the IBC against Sri Vinayakha Spinning Mills Private Limited.
The Corporate Debtor defaulted in repayment of credit facilities, with the account being classified as NPA on 28.02.2024.
The amount in default was stated as Rs.18,12,50,309.80 as of 30.06.2025.
The Financial Creditor issued a Recall-cum-Demand Notice on 03.09.2024.
The Corporate Debtor proposed a settlement, which was rejected by the Financial Creditor.
The Corporate Debtor availed various cash credit and term loan facilities aggregating to Rs.19,89,97,500/-.
The Financial Creditor has proposed the name of SPP Insolvency Professionals LLP as an Interim Resolution Professional (IRP).
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Sri Vinayakha Spinning…
Financial Creditor…
Axis Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Sri Vinayakha Spinning Mills Private Limited due to default in repayment of financial debt.
Axis Bank Ltd. filed a petition under Section 7 of the IBC against Sri Vinayakha Spinning Mills Private Limited.
The Corporate Debtor defaulted in repayment of credit facilities, with the account being classified as NPA on 28.02.2024.
The amount in default was stated as Rs.18,12,50,309.80 as of 30.06.2025.
The Financial Creditor issued a Recall-cum-Demand Notice on 03.09.2024.
The Corporate Debtor proposed a settlement, which was rejected by the Financial Creditor.
The Corporate Debtor availed various cash credit and term loan facilities aggregating to Rs.19,89,97,500/-.
The Financial Creditor has proposed the name of SPP Insolvency Professionals LLP as an Interim Resolution Professional (IRP).
Sri Vinayakha Spinning…
Financial Creditor…