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. The Financial Creditor had sanctioned OCC facilities to the Corporate Debtor, which were renewed from time to time under CEGLS. The Corporate Debtor defaulted in repayment obligations, leading the Financial Creditor to issue notices under the SARFAESI Act. The Corporate Debtor admitted to financial difficulties due to demonetization, GST, and RERA. The Financial Creditor claimed the date of default as 23.12.2020, while the Corporate Debtor claimed it as March 2020, arguing the claim was barred by
…Indian Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Evershine Wood Packaging Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 05.05.2005 with an authorized share capital of Rs.7,99,00,000/- and a paid-up share capital of Rs.7,98,20,000/-. The Financial Creditor had sanctioned OCC facilities to the Corporate Debtor, which were renewed from time to time under CEGLS. The Corporate Debtor executed various documents, including sanction letters, demand promissory notes, letters of continuity, agreements of guarantee, and agreements for open cash credit. The Corporate Debtor defaulted in repayment obligations, leading the Financial Creditor to issue
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Evershine Wood…
Sanction Letter issued…
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. The Financial Creditor had sanctioned OCC facilities to the Corporate Debtor, which were renewed from time to time under CEGLS. The Corporate Debtor defaulted in repayment obligations, leading the Financial Creditor to issue notices under the SARFAESI Act. The Corporate Debtor admitted to financial difficulties due to demonetization, GST, and RERA. The Financial Creditor claimed the date of default as 23.12.2020, while the Corporate Debtor claimed it as March 2020, arguing the claim was barred by
…Indian Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Evershine Wood Packaging Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 05.05.2005 with an authorized share capital of Rs.7,99,00,000/- and a paid-up share capital of Rs.7,98,20,000/-. The Financial Creditor had sanctioned OCC facilities to the Corporate Debtor, which were renewed from time to time under CEGLS. The Corporate Debtor executed various documents, including sanction letters, demand promissory notes, letters of continuity, agreements of guarantee, and agreements for open cash credit. The Corporate Debtor defaulted in repayment obligations, leading the Financial Creditor to issue
…Evershine Wood…
Sanction Letter issued…