The case involves a petition filed by Netafim Agricultural Financing Agency Private Limited (NAFA), a non-banking finance company, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Baliraja Sakhar Karkhana Limited, the Corporate Debtor. NAFA claimed that the Corporate Debtor defaulted on a debt of Rs. 1,33,68,915/-. The debt arose from a Tripartite Agreement where the Corporate Debtor was responsible for recommending farmers for micro-irrigation systems, and NAFA provided financial assistance to these farmers. The Corporate Debtor also provided a Deed of Guarantee to repay the loans of defaulting farmers.
Netafim Agricultural Financing Agency Private Limited (NAFA) filed a petition under Section 7 of the IBC against Baliraja Sakhar Karkhana Limited, seeking initiation of CIRP. NAFA is a non-banking finance company that provides financial solutions to borrowers in the micro-irrigation and agricultural sector. The Corporate Debtor is engaged in the production of sugar from sugarcane crops. A Tripartite Agreement existed between NAFA, Netafim Irrigation India Private Limited (NIIPL), and the Corporate Debtor, where the Corporate Debtor recommended farmers for micro-irrigation systems, and NAFA provided financial assistance. The Corporate Debtor also entered into a Deed of Guarantee, guaranteeing the repayment of loans to defaulting farmers. As of March 31, 2021, 110
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Corporate Debtor entered into a continuing Deed…
110 farmer-borrowers…
The case involves a petition filed by Netafim Agricultural Financing Agency Private Limited (NAFA), a non-banking finance company, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Baliraja Sakhar Karkhana Limited, the Corporate Debtor. NAFA claimed that the Corporate Debtor defaulted on a debt of Rs. 1,33,68,915/-. The debt arose from a Tripartite Agreement where the Corporate Debtor was responsible for recommending farmers for micro-irrigation systems, and NAFA provided financial assistance to these farmers. The Corporate Debtor also provided a Deed of Guarantee to repay the loans of defaulting farmers.
Netafim Agricultural Financing Agency Private Limited (NAFA) filed a petition under Section 7 of the IBC against Baliraja Sakhar Karkhana Limited, seeking initiation of CIRP. NAFA is a non-banking finance company that provides financial solutions to borrowers in the micro-irrigation and agricultural sector. The Corporate Debtor is engaged in the production of sugar from sugarcane crops. A Tripartite Agreement existed between NAFA, Netafim Irrigation India Private Limited (NIIPL), and the Corporate Debtor, where the Corporate Debtor recommended farmers for micro-irrigation systems, and NAFA provided financial assistance. The Corporate Debtor also entered into a Deed of Guarantee, guaranteeing the repayment of loans to defaulting farmers. As of March 31, 2021, 110
…Corporate Debtor entered into a continuing Deed…
110 farmer-borrowers…