Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ananya Wood Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor is a private limited company incorporated on 18/11/2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 13,78,35,737.34 as on 31.08.2022, with the default occurring on February 14, 2020, when the account was declared a Non-Performing Asset (NPA). The Financial Creditor sanctioned various credit facilities to the Corporate Debtor, including cash credit and working capital consortium agreements. The Corporate Debtor argued that the financial creditor arbitrarily stopped the Buyer's Credit facilities, leading to the NPA

Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ananya Wood Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor is a private limited company incorporated on 18/11/2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 13,78,35,737.34 as on 31.08.2022, with the default occurring on February 14, 2020, when the account was declared a Non-Performing Asset (NPA). The Financial Creditor sanctioned various credit facilities to the Corporate Debtor, including cash credit and working capital consortium agreements. The Corporate Debtor argued that the financial creditor arbitrarily stopped the Buyer's Credit facilities, leading to the NPA