The case involves an application filed by Indian Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Evershine Wood Packaging Private Limited. The Corporate Debtor was incorporated on 05.05.2005 and availed OCC facilities from the Financial Creditor, which were renewed periodically. The Corporate Debtor defaulted on repayment obligations, leading to the application for CIRP.
Indian Bank filed an application under Section 7 of the IBC, 2016, to initiate CIRP against Evershine Wood Packaging Private Limited. Evershine Wood Packaging Private Limited was incorporated on May 5, 2005, with an authorized share capital of Rs. 7,99,00,000 and a paid-up share capital of Rs. 7,98,20,000. The Corporate Debtor availed OCC facilities from Indian Bank, which were renewed periodically under CEGLS. The Corporate Debtor executed several documents, including sanction letters, demand promissory notes, and agreements of guarantee. The Corporate Debtor defaulted on repayment obligations, leading Indian Bank to issue notices under the SARFAESI Act. The date of default was stated as December 23, 2020. The Corporate Debtor admitted to receiving a statutory demand
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Evershine Wood…
Sanction letter for OCC…
The case involves an application filed by Indian Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Evershine Wood Packaging Private Limited. The Corporate Debtor was incorporated on 05.05.2005 and availed OCC facilities from the Financial Creditor, which were renewed periodically. The Corporate Debtor defaulted on repayment obligations, leading to the application for CIRP.
Indian Bank filed an application under Section 7 of the IBC, 2016, to initiate CIRP against Evershine Wood Packaging Private Limited. Evershine Wood Packaging Private Limited was incorporated on May 5, 2005, with an authorized share capital of Rs. 7,99,00,000 and a paid-up share capital of Rs. 7,98,20,000. The Corporate Debtor availed OCC facilities from Indian Bank, which were renewed periodically under CEGLS. The Corporate Debtor executed several documents, including sanction letters, demand promissory notes, and agreements of guarantee. The Corporate Debtor defaulted on repayment obligations, leading Indian Bank to issue notices under the SARFAESI Act. The date of default was stated as December 23, 2020. The Corporate Debtor admitted to receiving a statutory demand
…Evershine Wood…
Sanction letter for OCC…