Canara Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Pommys Garments (India) Limited, the corporate debtor, due to a default on loan repayments. The financial creditor claimed that the corporate debtor had defaulted on payments amounting to Rs. 35,49,25,597/- as of March 31, 2022. The corporate debtor is a limited company incorporated under the Companies Act, 1956, engaged in the business of garments manufacturing and marketing. The financial creditor had issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, followed by a possession notice under Section 13(4). The financial creditor also moved an O.A before DRT, Madurai,
…Canara Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pommys Garments (India) Limited, the corporate debtor. The corporate debtor had defaulted on loan repayments amounting to Rs. 35,49,25,597/- as of March 31, 2022. The corporate debtor is a limited company incorporated under the Companies Act, 1956, engaged in garments manufacturing and marketing. The financial creditor had issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, followed by a possession notice under Section 13(4). The financial creditor also moved an O.A before DRT, Madurai, which is pending for adjudication. The corporate debtor had availed various loan
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Canara Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Pommys Garments (India) Limited, the corporate debtor, due to a default on loan repayments. The financial creditor claimed that the corporate debtor had defaulted on payments amounting to Rs. 35,49,25,597/- as of March 31, 2022. The corporate debtor is a limited company incorporated under the Companies Act, 1956, engaged in the business of garments manufacturing and marketing. The financial creditor had issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, followed by a possession notice under Section 13(4). The financial creditor also moved an O.A before DRT, Madurai,
…Canara Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pommys Garments (India) Limited, the corporate debtor. The corporate debtor had defaulted on loan repayments amounting to Rs. 35,49,25,597/- as of March 31, 2022. The corporate debtor is a limited company incorporated under the Companies Act, 1956, engaged in garments manufacturing and marketing. The financial creditor had issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, followed by a possession notice under Section 13(4). The financial creditor also moved an O.A before DRT, Madurai, which is pending for adjudication. The corporate debtor had availed various loan
…Canara Bank sanctioned…
Canara Bank enhanced…