The case pertains to a Company Petition (CP (IB) 3755/MB/2019) filed by Canara Bank (originally Syndicate Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Paranjape Agro Products Pvt. Ltd. The petition was filed due to the corporate debtor's non-payment of outstanding dues. The financial creditor claims a default of Rs. 16,42,47,832 as of 03.01.2018, with the account classified as NPA on 03.04.2018. The corporate debtor opposed the admission of the petition, citing maintainability and unforeseen circumstances in the cashew nut trade leading to payment defaults. The corporate debtor also claimed to have made efforts for a One Time Settlement (OTS), which was rejected by the
…Syndicate Bank originally filed a Company Petition, which was later amended to Canara Bank, the Financial Creditor (FC). The petition, CP (IB) 3755/MB/2019, was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Paranjape Agro Products Pvt. Ltd, the Corporate Debtor (CD), due to non-payment of outstanding dues. The FC sanctioned loan facilities to the CD on 12.06.2017, including a Term Loan of Rs 583 Lakhs, SOD of Rs 600 Lakhs, and PCL of Rs 200 Lakhs. The total claim amount in default is Rs 16,42,47,832, with the date of default being 03.01.2018, and the account classified as NPA on 03.04.2018. The FC holds mortgaged and hypothecated securities. The CD opposed the petition,
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The case pertains to a Company Petition (CP (IB) 3755/MB/2019) filed by Canara Bank (originally Syndicate Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Paranjape Agro Products Pvt. Ltd. The petition was filed due to the corporate debtor's non-payment of outstanding dues. The financial creditor claims a default of Rs. 16,42,47,832 as of 03.01.2018, with the account classified as NPA on 03.04.2018. The corporate debtor opposed the admission of the petition, citing maintainability and unforeseen circumstances in the cashew nut trade leading to payment defaults. The corporate debtor also claimed to have made efforts for a One Time Settlement (OTS), which was rejected by the
…Syndicate Bank originally filed a Company Petition, which was later amended to Canara Bank, the Financial Creditor (FC). The petition, CP (IB) 3755/MB/2019, was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Paranjape Agro Products Pvt. Ltd, the Corporate Debtor (CD), due to non-payment of outstanding dues. The FC sanctioned loan facilities to the CD on 12.06.2017, including a Term Loan of Rs 583 Lakhs, SOD of Rs 600 Lakhs, and PCL of Rs 200 Lakhs. The total claim amount in default is Rs 16,42,47,832, with the date of default being 03.01.2018, and the account classified as NPA on 03.04.2018. The FC holds mortgaged and hypothecated securities. The CD opposed the petition,
…Loan facilities were sanctioned to the…
The date of de…