The case involves a Company Petition filed under Section 10 of the Insolvency & Bankruptcy Code, 2016, by Nashik Forge Private Limited ("Corporate Debtor") seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company petition was filed on 03.02.2021, and the credit facility with State Bank of India was classified as NPA on 31.08.2019. The Corporate Debtor was incorporated on 26th May 2005. They availed loan facilities from State Bank of Bikaner & Jaipur (later merged into State Bank of India (SBI)) for an aggregate amount of Rs.3,37,00,000/- on 03.03.2009, which was later enhanced and modified. Due to economic downturn and negative effects in the automobile industry, the Corporate Debtor failed to pay loan installments and was
…Nashik Forge Private Limited (Corporate Debtor) filed a petition under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company's credit facility with State Bank of India (SBI) was classified as NPA on 31.08.2019. The Corporate Debtor was incorporated on 26th May 2005. They availed loan facilities from State Bank of Bikaner & Jaipur (later merged into SBI) for Rs.3,37,00,000/- on 03.03.2009, which was later enhanced to Rs.8,98,00,000/- on 09.04.2019. Due to economic downturn and negative effects in the automobile industry, the Corporate Debtor failed to pay loan installments and was declared NPA on 31.08.2019. As of 02.12.2019, the total outstanding amount to SBI was
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The Corporate Debtor,…
The Corporate Debtor availed a loan facility…
The case involves a Company Petition filed under Section 10 of the Insolvency & Bankruptcy Code, 2016, by Nashik Forge Private Limited ("Corporate Debtor") seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company petition was filed on 03.02.2021, and the credit facility with State Bank of India was classified as NPA on 31.08.2019. The Corporate Debtor was incorporated on 26th May 2005. They availed loan facilities from State Bank of Bikaner & Jaipur (later merged into State Bank of India (SBI)) for an aggregate amount of Rs.3,37,00,000/- on 03.03.2009, which was later enhanced and modified. Due to economic downturn and negative effects in the automobile industry, the Corporate Debtor failed to pay loan installments and was
…Nashik Forge Private Limited (Corporate Debtor) filed a petition under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company's credit facility with State Bank of India (SBI) was classified as NPA on 31.08.2019. The Corporate Debtor was incorporated on 26th May 2005. They availed loan facilities from State Bank of Bikaner & Jaipur (later merged into SBI) for Rs.3,37,00,000/- on 03.03.2009, which was later enhanced to Rs.8,98,00,000/- on 09.04.2019. Due to economic downturn and negative effects in the automobile industry, the Corporate Debtor failed to pay loan installments and was declared NPA on 31.08.2019. As of 02.12.2019, the total outstanding amount to SBI was
…The Corporate Debtor,…
The Corporate Debtor availed a loan facility…