The case involves a Company Application filed by Canara Bank (formerly Syndicate Bank), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. A.L. Sudershan Constructions Company Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on loan facilities availed since 1990, which were renewed periodically. The Corporate Debtor's accounts were classified as non-performing assets (NPA) since 11.06.2006. Despite repeated requests and notices, the Corporate Debtor failed to make payments. The Corporate Debtor acknowledged the debt multiple times and proposed OTS (One Time Settlement) which were not equivalent to the total
…Syndicate Bank (now Canara Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A.L. Sudershan Constructions Company Limited. The Corporate Debtor had availed loan facilities from the Financial Creditor since 1990, which were renewed periodically. The Corporate Debtor's accounts were classified as NPA on 11.06.2006 due to irregularities and non-payment of dues. The Financial Creditor issued repeated requests and notices, but the Corporate Debtor failed to respond. The Corporate Debtor acknowledged the debt by issuing written acknowledgements and proposing OTS, which were rejected by the Financial Creditor. The amount in claim was Rs. 239,51,53,055.83/-. The Corporate
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The Corporate Debtor…
The accounts of the Corporate Debtor were…
The case involves a Company Application filed by Canara Bank (formerly Syndicate Bank), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. A.L. Sudershan Constructions Company Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on loan facilities availed since 1990, which were renewed periodically. The Corporate Debtor's accounts were classified as non-performing assets (NPA) since 11.06.2006. Despite repeated requests and notices, the Corporate Debtor failed to make payments. The Corporate Debtor acknowledged the debt multiple times and proposed OTS (One Time Settlement) which were not equivalent to the total
…Syndicate Bank (now Canara Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against A.L. Sudershan Constructions Company Limited. The Corporate Debtor had availed loan facilities from the Financial Creditor since 1990, which were renewed periodically. The Corporate Debtor's accounts were classified as NPA on 11.06.2006 due to irregularities and non-payment of dues. The Financial Creditor issued repeated requests and notices, but the Corporate Debtor failed to respond. The Corporate Debtor acknowledged the debt by issuing written acknowledgements and proposing OTS, which were rejected by the Financial Creditor. The amount in claim was Rs. 239,51,53,055.83/-. The Corporate
…The Corporate Debtor…
The accounts of the Corporate Debtor were…