The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Anupriya Management Private Limited, the Corporate Guarantor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application arises from the Corporate Debtor, Avani Projects Infrastructure Ltd, defaulting on loan payments, leading to its classification as a Non-Performing Asset (NPA) on October 28, 2015. The Corporate Debtor is already undergoing CIRP initiated by another financial creditor, Devi Trading & Holding Ltd., via an order dated March 13, 2019. The Financial Creditor has provided cash credit facilities to the Corporate Debtor to the tune of Rs. 67 Crore since 2013.
The State Bank of India (SBI) provided cash credit facilities to Avani Projects Infrastructure Ltd (Corporate Debtor) amounting to Rs. 67 Crore. The Corporate Debtor defaulted on payments, leading to its account being classified as a Non-Performing Asset (NPA) on October 28, 2015. The Corporate Debtor is already undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Devi Trading & Holding Ltd. Anupriya Management Private Limited (Corporate Guarantor) provided a corporate guarantee for the loans availed by the Corporate Debtor. The total amount of debt default and due is Rs. 40,90,77,041.00 as on November 30, 2022, with the date of default claimed as November 30, 2022. SBI sent a demand notice to the Corporate Guarantor on May 25, 2016, for Rs.
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The Corporate Debtor's…
Devi Trading & Holding Ltd. initiated CIRP…
The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Anupriya Management Private Limited, the Corporate Guarantor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application arises from the Corporate Debtor, Avani Projects Infrastructure Ltd, defaulting on loan payments, leading to its classification as a Non-Performing Asset (NPA) on October 28, 2015. The Corporate Debtor is already undergoing CIRP initiated by another financial creditor, Devi Trading & Holding Ltd., via an order dated March 13, 2019. The Financial Creditor has provided cash credit facilities to the Corporate Debtor to the tune of Rs. 67 Crore since 2013.
The State Bank of India (SBI) provided cash credit facilities to Avani Projects Infrastructure Ltd (Corporate Debtor) amounting to Rs. 67 Crore. The Corporate Debtor defaulted on payments, leading to its account being classified as a Non-Performing Asset (NPA) on October 28, 2015. The Corporate Debtor is already undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Devi Trading & Holding Ltd. Anupriya Management Private Limited (Corporate Guarantor) provided a corporate guarantee for the loans availed by the Corporate Debtor. The total amount of debt default and due is Rs. 40,90,77,041.00 as on November 30, 2022, with the date of default claimed as November 30, 2022. SBI sent a demand notice to the Corporate Guarantor on May 25, 2016, for Rs.
…The Corporate Debtor's…
Devi Trading & Holding Ltd. initiated CIRP…