The case pertains to an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Alumass Private Limited due to a default in repayment of loans. SIDBI had granted loan facilities to Alumass Private Limited, including a RCF subordinated loan and a FITL loan. The applicant claims a default amount of Rs. 1,02,33,203/-. The application was filed on 21.08.2023.
Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Alumass Private Limited. SIDBI had granted loan facilities to Alumass Private Limited, including a RCF subordinated loan and a FITL loan. The respondent approached the applicant for a facility of RCF subordinated loan and FITL loan amounting to Rs.100 lakhs and Rs.4.56 lakhs respectively. The applicant gave loan amounting to Rs.100 lakhs under the Growth Capital & Equity Assistance Scheme for MSMEs (GEMS) for meeting margin money for working capital of the company for its plant located at Plot No.81A/82C, Dewas Industrial Area, Sector-1, AB Road, Dewas (MP) at a
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Applicant issued a…
The case pertains to an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Alumass Private Limited due to a default in repayment of loans. SIDBI had granted loan facilities to Alumass Private Limited, including a RCF subordinated loan and a FITL loan. The applicant claims a default amount of Rs. 1,02,33,203/-. The application was filed on 21.08.2023.
Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Alumass Private Limited. SIDBI had granted loan facilities to Alumass Private Limited, including a RCF subordinated loan and a FITL loan. The respondent approached the applicant for a facility of RCF subordinated loan and FITL loan amounting to Rs.100 lakhs and Rs.4.56 lakhs respectively. The applicant gave loan amounting to Rs.100 lakhs under the Growth Capital & Equity Assistance Scheme for MSMEs (GEMS) for meeting margin money for working capital of the company for its plant located at Plot No.81A/82C, Dewas Industrial Area, Sector-1, AB Road, Dewas (MP) at a
…Small Industries…
Applicant issued a…