The case involves a petition filed by M/s Small Industries Development Bank of India (SIDBI), the Financial Creditor, 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., the Corporate Debtor, due to default in repayment of debt. The Corporate Debtor had approached SIDBI for various loan facilities, including venture loans, OCD, and working capital loans, which were sanctioned and disbursed. However, the Corporate Debtor defaulted on repayments, leading to the issuance of a loan recall notice by SIDBI. Despite this, the default continued, prompting SIDBI to file the present petition before the NCLT.
M/s Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Green India Building Systems & Services Pvt. Ltd. The Corporate Debtor had approached SIDBI for a facility of Venture loan 100.00 lakh, OCD & Equity Investment of Rupees 100.00 lakh, and Working Capital Loan of 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) under the Startup Assistance Scheme (SAS) for MSMEs and Rs.2,00,00,000 under the "Working Capital Term Loan Scheme". A Letter of Intent was issued dated
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M/s Green India Building Systems & Services…
Letter of Inten…
The case involves a petition filed by M/s Small Industries Development Bank of India (SIDBI), the Financial Creditor, 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., the Corporate Debtor, due to default in repayment of debt. The Corporate Debtor had approached SIDBI for various loan facilities, including venture loans, OCD, and working capital loans, which were sanctioned and disbursed. However, the Corporate Debtor defaulted on repayments, leading to the issuance of a loan recall notice by SIDBI. Despite this, the default continued, prompting SIDBI to file the present petition before the NCLT.
M/s Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Green India Building Systems & Services Pvt. Ltd. The Corporate Debtor had approached SIDBI for a facility of Venture loan 100.00 lakh, OCD & Equity Investment of Rupees 100.00 lakh, and Working Capital Loan of 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) under the Startup Assistance Scheme (SAS) for MSMEs and Rs.2,00,00,000 under the "Working Capital Term Loan Scheme". A Letter of Intent was issued dated
…M/s Green India Building Systems & Services…
Letter of Inten…