Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Birbhum Chemicals and Fertilisers Ltd. The application was based on the corporate debtor's default on a financial debt. The Financial Creditor had advanced Rs. 50 crores by way of WC-OCC/OCBD in terms of sanction letter dated 23.12.2023 and further sanction letter dated 27.02.2023.
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 of the debt. 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 date of default was 2023-06-30, which was the date the Corporate Debtor's account was declared as NPA. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the Corporate Debtor. The Corporate Debtor did not dispute the claim made by the Financial Creditor. The Financial Creditor submitted
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Canara Bank issued a sanction letter for…
Canara Bank issued a…
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Birbhum Chemicals and Fertilisers Ltd. The application was based on the corporate debtor's default on a financial debt. The Financial Creditor had advanced Rs. 50 crores by way of WC-OCC/OCBD in terms of sanction letter dated 23.12.2023 and further sanction letter dated 27.02.2023.
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 of the debt. 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 date of default was 2023-06-30, which was the date the Corporate Debtor's account was declared as NPA. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the Corporate Debtor. The Corporate Debtor did not dispute the claim made by the Financial Creditor. The Financial Creditor submitted
…Canara Bank issued a sanction letter for…
Canara Bank issued a…