Vanathi Exports Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself due to its inability to discharge its financial obligations.
Vanathi Exports Private Limited filed an application under Section 10 of the IBC seeking initiation of CIRP against itself.
The Corporate Debtor had availed credit facilities from several financial creditors, including Indian Bank, Fullerton India Credit Company Limited, Capital Float and Aditya Birla Finance Limited.
The Corporate Debtor defaulted in repayment of its financial obligations to the lenders.
Indian Bank classified the loan account as a non-performing asset and initiated recovery proceedings.
The total amount in default towards financial creditors aggregates to Rs.8,44,57,904/-.
The amount in default towards operational creditors is Rs. 24,71,700/-.
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Board Resolution dated 22.04.2023 authorized…
Respondent Bank sanctioned an Open Cash Credit…
Vanathi Exports Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself due to its inability to discharge its financial obligations.
Vanathi Exports Private Limited filed an application under Section 10 of the IBC seeking initiation of CIRP against itself.
The Corporate Debtor had availed credit facilities from several financial creditors, including Indian Bank, Fullerton India Credit Company Limited, Capital Float and Aditya Birla Finance Limited.
The Corporate Debtor defaulted in repayment of its financial obligations to the lenders.
Indian Bank classified the loan account as a non-performing asset and initiated recovery proceedings.
The total amount in default towards financial creditors aggregates to Rs.8,44,57,904/-.
The amount in default towards operational creditors is Rs. 24,71,700/-.
…Board Resolution dated 22.04.2023 authorized…
Respondent Bank sanctioned an Open Cash Credit…