The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s Small Industries Development Bank of India (SIDBI) against M/s Green India Building Systems & Services Pvt. Ltd. seeking to initiate Corporate Insolvency Resolution Process (CIRP). SIDBI, acting as the Financial Creditor, claimed that the Corporate Debtor defaulted on a total amount of Rs. 6,67,71,411/-. The date of default was stated as 08.06.2017. The Corporate Debtor had approached SIDBI for various loan facilities, including venture loans, equity investments, and working capital loans, which were sanctioned after verifying the Corporate Debtor's credentials.
M/s Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Green India Building Systems & Services Pvt. Ltd. SIDBI claimed that the Corporate Debtor defaulted on a total amount of Rs. 6,67,71,411/-, with the date of default being 08.06.2017. The Corporate Debtor had approached SIDBI for various loan facilities, including a venture loan of Rs. 100.00 lakh, OCD & Equity Investment of Rupees 100.00 lakh, and a Working Capital Loan of Rs. 200 Lakhs. SIDBI sanctioned a loan facility of Rs.1,00,00,000 under “Venture Debt-Startup Assistance Schemes for MSMEs', Rs. 1,00,00,000/- in the form of Optionally Convertible Debt (OCD)
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M/s Green India Building Systems & Services…
Letter of Intent dated 27th March, 2014, 24th…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s Small Industries Development Bank of India (SIDBI) against M/s Green India Building Systems & Services Pvt. Ltd. seeking to initiate Corporate Insolvency Resolution Process (CIRP). SIDBI, acting as the Financial Creditor, claimed that the Corporate Debtor defaulted on a total amount of Rs. 6,67,71,411/-. The date of default was stated as 08.06.2017. The Corporate Debtor had approached SIDBI for various loan facilities, including venture loans, equity investments, and working capital loans, which were sanctioned after verifying the Corporate Debtor's credentials.
M/s Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Green India Building Systems & Services Pvt. Ltd. SIDBI claimed that the Corporate Debtor defaulted on a total amount of Rs. 6,67,71,411/-, with the date of default being 08.06.2017. The Corporate Debtor had approached SIDBI for various loan facilities, including a venture loan of Rs. 100.00 lakh, OCD & Equity Investment of Rupees 100.00 lakh, and a Working Capital Loan of Rs. 200 Lakhs. SIDBI sanctioned a loan facility of Rs.1,00,00,000 under “Venture Debt-Startup Assistance Schemes for MSMEs', Rs. 1,00,00,000/- in the form of Optionally Convertible Debt (OCD)
…M/s Green India Building Systems & Services…
Letter of Intent dated 27th March, 2014, 24th…