Tata Capital Financial Services Limited (TCFSL), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Shanti Refrigeration Industries Private Limited, the corporate debtor, due to default in repayment of loan facilities. The application was filed based on various loan agreements and sanction letters issued to the corporate debtor. The corporate debtor failed to repay the outstanding amounts, leading to the financial creditor issuing a recall notice.
Tata Capital Financial Services Limited (TCFSL) extended various financial facilities to M/s Shanti Refrigeration Industries Private Limited, including invoice discounting, working capital loans, and channel finance. These facilities were governed by multiple sanction letters and agreements executed between 2015 and 2021. The corporate debtor, M/s Shanti Refrigeration Industries Private Limited, defaulted on repayments. TCFSL issued a recall notice on 27.12.2021 demanding repayment of Rs. 6,39,72,985 as of 10.11.2021, along with interest and other charges. The corporate debtor failed to comply with the recall notice. The corporate debtor acknowledged the outstanding debt in various letters and renewal letters. The corporate debtor did not file any reply to the petition
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Tata Capital Financial Services Limited (TCFSL), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Shanti Refrigeration Industries Private Limited, the corporate debtor, due to default in repayment of loan facilities. The application was filed based on various loan agreements and sanction letters issued to the corporate debtor. The corporate debtor failed to repay the outstanding amounts, leading to the financial creditor issuing a recall notice.
Tata Capital Financial Services Limited (TCFSL) extended various financial facilities to M/s Shanti Refrigeration Industries Private Limited, including invoice discounting, working capital loans, and channel finance. These facilities were governed by multiple sanction letters and agreements executed between 2015 and 2021. The corporate debtor, M/s Shanti Refrigeration Industries Private Limited, defaulted on repayments. TCFSL issued a recall notice on 27.12.2021 demanding repayment of Rs. 6,39,72,985 as of 10.11.2021, along with interest and other charges. The corporate debtor failed to comply with the recall notice. The corporate debtor acknowledged the outstanding debt in various letters and renewal letters. The corporate debtor did not file any reply to the petition
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Invoice Discoun…