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 corporate debtor is a limited company incorporated under the Companies Act, 1956, engaged in the business of garments manufacturing and marketing. The financial creditor claimed a default amount of Rs. 35,49,25,597 as of March 31, 2022. The corporate debtor, represented by its directors, Mr. K Raja and Mr. Inico Inbaraj, had availed various loan facilities from the financial creditor, including OCC/ODBD loans and working capital loans. The financial creditor issued a demand notice under
…Canara Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Pommys Garments (India) Limited, the corporate debtor. The corporate debtor is a limited company incorporated under the Companies Act, 1956, engaged in garments manufacturing and marketing. The financial creditor claimed a default of Rs. 35,49,25,597 as of March 31, 2022. The corporate debtor had availed various loan facilities, including OCC/ODBD loans and working capital loans, from the financial creditor. Key dates and loan details include: OCC/ODBD Loan of Rs. 10 Crores on 2019-06-10, OCC/ODBD Loan enhancement to Rs. 15 Crores on 2019-10-14, Fresh WCDL – CCS Loan of Rs. 1.5 Crores on 2020-08-26, Fresh WCDL – GECL Loan of
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OCC/ODBD Loan of Rs. 10…
Enhancement of Credit…
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 corporate debtor is a limited company incorporated under the Companies Act, 1956, engaged in the business of garments manufacturing and marketing. The financial creditor claimed a default amount of Rs. 35,49,25,597 as of March 31, 2022. The corporate debtor, represented by its directors, Mr. K Raja and Mr. Inico Inbaraj, had availed various loan facilities from the financial creditor, including OCC/ODBD loans and working capital loans. The financial creditor issued a demand notice under
…Canara Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Pommys Garments (India) Limited, the corporate debtor. The corporate debtor is a limited company incorporated under the Companies Act, 1956, engaged in garments manufacturing and marketing. The financial creditor claimed a default of Rs. 35,49,25,597 as of March 31, 2022. The corporate debtor had availed various loan facilities, including OCC/ODBD loans and working capital loans, from the financial creditor. Key dates and loan details include: OCC/ODBD Loan of Rs. 10 Crores on 2019-06-10, OCC/ODBD Loan enhancement to Rs. 15 Crores on 2019-10-14, Fresh WCDL – CCS Loan of Rs. 1.5 Crores on 2020-08-26, Fresh WCDL – GECL Loan of
…OCC/ODBD Loan of Rs. 10…
Enhancement of Credit…