The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Good Day Foods Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). SIDBI, as the Financial Creditor, claims a default amount of Rs. 1,32,55,424 as of 10.05.2021. The Corporate Debtor had approached SIDBI for various credit facilities, which were granted in the form of term loans. Despite availing these facilities, the Corporate Debtor failed to repay the dues, leading to the loan account being classified as a Non-Performing Asset (NPA) on 08.07.2019. SIDBI issued recall notices and a demand notice under the SARFAESI Act, but the Corporate Debtor failed to repay the
…Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Good Day Foods Private Limited to initiate Corporate Insolvency Resolution Process (CIRP). The claimed default amount was Rs. 1,32,55,424 as of 10.05.2021. Good Day Foods Private Limited had approached SIDBI for credit facilities, which were granted as term loans. A term loan of Rs. 70.00 Lakhs was sanctioned on 03.08.2015 and disbursed in two tranches on 17.08.2015 and 19.11.2015. Further, a term loan of Rs. 130.00 Lakhs was sanctioned on 14.02.2018 and disbursed in various tranches between 28.02.2018 and 31.08.2018. The Corporate Debtor failed to repay the dues, leading to the loan account being classified as a
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Corporate Debtor approached the Financial…
Financial Creditor…
The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Good Day Foods Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). SIDBI, as the Financial Creditor, claims a default amount of Rs. 1,32,55,424 as of 10.05.2021. The Corporate Debtor had approached SIDBI for various credit facilities, which were granted in the form of term loans. Despite availing these facilities, the Corporate Debtor failed to repay the dues, leading to the loan account being classified as a Non-Performing Asset (NPA) on 08.07.2019. SIDBI issued recall notices and a demand notice under the SARFAESI Act, but the Corporate Debtor failed to repay the
…Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Good Day Foods Private Limited to initiate Corporate Insolvency Resolution Process (CIRP). The claimed default amount was Rs. 1,32,55,424 as of 10.05.2021. Good Day Foods Private Limited had approached SIDBI for credit facilities, which were granted as term loans. A term loan of Rs. 70.00 Lakhs was sanctioned on 03.08.2015 and disbursed in two tranches on 17.08.2015 and 19.11.2015. Further, a term loan of Rs. 130.00 Lakhs was sanctioned on 14.02.2018 and disbursed in various tranches between 28.02.2018 and 31.08.2018. The Corporate Debtor failed to repay the dues, leading to the loan account being classified as a
…Corporate Debtor approached the Financial…
Financial Creditor…