The case pertains to an application filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Birbhum Chemicals and Fertilisers Ltd. The application was filed due to the corporate debtor's default on a financial debt.
Canara Bank, the Financial Creditor, advanced Rs. 50 crores to Birbhum Chemicals and Fertilisers Ltd, the Corporate Debtor, through WC-OCC/OCBD, as per sanction letters dated 2023-12-23 and 2023-02-27. The Corporate Debtor defaulted on the repayment, with the date of default being 2023-06-30, the date the account was declared NPA. The total amount in default was Rs. 50,70,30,550.53/-, comprising Rs. 49,94,22,414/- towards principal and Rs. 76,07,664/- towards interest. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The Corporate Debtor did not dispute the claim made by the Financial Creditor during the hearing. The application was supported by necessary documents, including loan agreements,
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Date of one of the sanction letters for the…
Date of one of the sanction letters for the…
The case pertains to an application filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Birbhum Chemicals and Fertilisers Ltd. The application was filed due to the corporate debtor's default on a financial debt.
Canara Bank, the Financial Creditor, advanced Rs. 50 crores to Birbhum Chemicals and Fertilisers Ltd, the Corporate Debtor, through WC-OCC/OCBD, as per sanction letters dated 2023-12-23 and 2023-02-27. The Corporate Debtor defaulted on the repayment, with the date of default being 2023-06-30, the date the account was declared NPA. The total amount in default was Rs. 50,70,30,550.53/-, comprising Rs. 49,94,22,414/- towards principal and Rs. 76,07,664/- towards interest. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The Corporate Debtor did not dispute the claim made by the Financial Creditor during the hearing. The application was supported by necessary documents, including loan agreements,
…Date of one of the sanction letters for the…
Date of one of the sanction letters for the…