The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Richi Richi Agro Foods Pvt. Ltd. The corporate debtor had availed financial facilities from the petitioner starting in 2009, with the last facility availed on April 28, 2016. The credit facilities included cash credit, export packing credit, and credit exposure limits, totaling Rs. 47.50 crores. The corporate debtor defaulted on payments, leading to its account being classified as NPA on June 30, 2016. Despite measures taken by the financial creditor, the corporate debtor failed to repay the outstanding amounts.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Richi Richi Agro Foods Pvt. Ltd. SBI, the financial creditor, had extended various credit facilities to the corporate debtor, including cash credit, export packing credit, and credit exposure limits, totaling Rs. 47.50 crores. The corporate debtor defaulted on its payment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on June 30, 2016. The total amount claimed to be in default was Rs. 74,77,71,662 as of November 30, 2019, with the initial date of default being December 28, 2015. The corporate debtor acknowledged its debt through a balance security
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The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Richi Richi Agro Foods Pvt. Ltd. The corporate debtor had availed financial facilities from the petitioner starting in 2009, with the last facility availed on April 28, 2016. The credit facilities included cash credit, export packing credit, and credit exposure limits, totaling Rs. 47.50 crores. The corporate debtor defaulted on payments, leading to its account being classified as NPA on June 30, 2016. Despite measures taken by the financial creditor, the corporate debtor failed to repay the outstanding amounts.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Richi Richi Agro Foods Pvt. Ltd. SBI, the financial creditor, had extended various credit facilities to the corporate debtor, including cash credit, export packing credit, and credit exposure limits, totaling Rs. 47.50 crores. The corporate debtor defaulted on its payment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on June 30, 2016. The total amount claimed to be in default was Rs. 74,77,71,662 as of November 30, 2019, with the initial date of default being December 28, 2015. The corporate debtor acknowledged its debt through a balance security
…Corporate debtor started availing financial…
Corporate debtor availed the last financial…