Canara Bank (formerly E-Syndicate Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Creative Looms and Crafts Private Limited, the Corporate Debtor. The petition was registered on 14.12.2022, based on the Corporate Debtor's default in payment of Rs. 10,87,07,393.65/-. The Corporate Debtor had submitted a loan application on 25.01.2015 for two loans: a Secured Overdraft Hypothecation Facility and a Term Loan. The Corporate Debtor defaulted on Loan-1 on 04.05.2017 and Loan-2 on 02.01.2017. Canara Bank issued a legal notice on 30.06.2017 under Section 13(2) of the SARFAESI Act. The Corporate Debtor submitted a restructuring proposal on 22.11.2021 and acknowledged its
…Canara Bank (formerly E-Syndicate Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Creative Looms and Crafts Private Limited. The petition was registered on 14.12.2022. The Corporate Debtor defaulted on a total sum of Rs. 10,87,07,393.65/-, comprising a principal amount of Rs. 4,78,48,176 and an interest amount of Rs. 6,08,59,217.65. The default is related to two loans: Secured Overdraft Hypothecation Facility (Loan 1) and Term Loan (Loan 2). The Corporate Debtor defaulted on Loan-1 on 04.05.2017 and Loan-2 on 02.01.2017. Canara Bank issued a legal notice on 30.06.2017 under Section 13(2) of the SARFAESI Act. The Corporate Debtor submitted a restructuring proposal on
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Canara Bank (formerly E-Syndicate Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Creative Looms and Crafts Private Limited, the Corporate Debtor. The petition was registered on 14.12.2022, based on the Corporate Debtor's default in payment of Rs. 10,87,07,393.65/-. The Corporate Debtor had submitted a loan application on 25.01.2015 for two loans: a Secured Overdraft Hypothecation Facility and a Term Loan. The Corporate Debtor defaulted on Loan-1 on 04.05.2017 and Loan-2 on 02.01.2017. Canara Bank issued a legal notice on 30.06.2017 under Section 13(2) of the SARFAESI Act. The Corporate Debtor submitted a restructuring proposal on 22.11.2021 and acknowledged its
…Canara Bank (formerly E-Syndicate Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Creative Looms and Crafts Private Limited. The petition was registered on 14.12.2022. The Corporate Debtor defaulted on a total sum of Rs. 10,87,07,393.65/-, comprising a principal amount of Rs. 4,78,48,176 and an interest amount of Rs. 6,08,59,217.65. The default is related to two loans: Secured Overdraft Hypothecation Facility (Loan 1) and Term Loan (Loan 2). The Corporate Debtor defaulted on Loan-1 on 04.05.2017 and Loan-2 on 02.01.2017. Canara Bank issued a legal notice on 30.06.2017 under Section 13(2) of the SARFAESI Act. The Corporate Debtor submitted a restructuring proposal on
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Corporate Debtor…