Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Central Departmental Stores Private Limited, the Corporate Debtor, who acted as a guarantor for a term loan of Rs. 155 Crore sanctioned to Syntex Trading and Agency Private Limited (Principal Borrower). The Principal Borrower defaulted on 30.09.2020, leading to a restructuring agreement. However, the default continued, and the loan account was classified as Non-Performing Asset (NPA) on 30.04.2022. A demand notice was issued on 06.06.2022, but no payments were made, prompting the application for CIRP.
Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Central Departmental Stores Private Limited, the Corporate Debtor. The Corporate Debtor acted as a guarantor for a term loan of Rs. 155 Crore sanctioned to Syntex Trading and Agency Private Limited (Principal Borrower) on 16.12.2019, formalized through a Term Loan Agreement dated 23.12.2019. The Principal Borrower defaulted on 30.09.2020, leading to a One-Time Restructuring (OTR) request and a subsequent Restructuring Agreement dated 21.06.2021. The default continued, and the loan account was classified as Non-Performing Asset (NPA) on 30.04.2022. A demand notice was issued on 06.06.2022, but no payments were made.
…Sign in to view the parties.
Financial Creditor sanctioned a fresh term loan…
Financial Creditor…
Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Central Departmental Stores Private Limited, the Corporate Debtor, who acted as a guarantor for a term loan of Rs. 155 Crore sanctioned to Syntex Trading and Agency Private Limited (Principal Borrower). The Principal Borrower defaulted on 30.09.2020, leading to a restructuring agreement. However, the default continued, and the loan account was classified as Non-Performing Asset (NPA) on 30.04.2022. A demand notice was issued on 06.06.2022, but no payments were made, prompting the application for CIRP.
Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Central Departmental Stores Private Limited, the Corporate Debtor. The Corporate Debtor acted as a guarantor for a term loan of Rs. 155 Crore sanctioned to Syntex Trading and Agency Private Limited (Principal Borrower) on 16.12.2019, formalized through a Term Loan Agreement dated 23.12.2019. The Principal Borrower defaulted on 30.09.2020, leading to a One-Time Restructuring (OTR) request and a subsequent Restructuring Agreement dated 21.06.2021. The default continued, and the loan account was classified as Non-Performing Asset (NPA) on 30.04.2022. A demand notice was issued on 06.06.2022, but no payments were made.
…Financial Creditor sanctioned a fresh term loan…
Financial Creditor…