The case pertains to an application filed by Tata Capital Financial Services Limited (TCFSL), the Financial Creditor, 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. The application was filed due to the Corporate Debtor's default in repaying loan amounts availed under various financing facilities. The Financial Creditor had granted multiple credit facilities to the Corporate Debtor, including invoice discounting, working capital loans, and channel finance, over several years. The Corporate Debtor repeatedly requested renewals and enhancements of these facilities. Despite these arrangements, the Corporate
…Tata Capital Financial Services Limited (TCFSL) extended various financing facilities to M/s Shanti Refrigeration Industries Private Limited, including invoice discounting, working capital loans, and channel finance, starting from 2015. These facilities were periodically renewed and enhanced based on requests from the Corporate Debtor. The Corporate Debtor provided letters of guarantee and executed various agreements, including loan agreements, hypothecation deeds, and undertakings. Despite these arrangements, the Corporate Debtor defaulted on its repayment obligations. As of 10.11.2021, the outstanding amount was Rs. 6,39,72,985. TCFSL issued a recall notice on 27.12.2021. The Corporate Debtor acknowledged its liability in renewal letters dated 17.10.2019, 10.01.2020,
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Tata Capital Financial…
Financial creditor granted Sales invoice…
The case pertains to an application filed by Tata Capital Financial Services Limited (TCFSL), the Financial Creditor, 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. The application was filed due to the Corporate Debtor's default in repaying loan amounts availed under various financing facilities. The Financial Creditor had granted multiple credit facilities to the Corporate Debtor, including invoice discounting, working capital loans, and channel finance, over several years. The Corporate Debtor repeatedly requested renewals and enhancements of these facilities. Despite these arrangements, the Corporate
…Tata Capital Financial Services Limited (TCFSL) extended various financing facilities to M/s Shanti Refrigeration Industries Private Limited, including invoice discounting, working capital loans, and channel finance, starting from 2015. These facilities were periodically renewed and enhanced based on requests from the Corporate Debtor. The Corporate Debtor provided letters of guarantee and executed various agreements, including loan agreements, hypothecation deeds, and undertakings. Despite these arrangements, the Corporate Debtor defaulted on its repayment obligations. As of 10.11.2021, the outstanding amount was Rs. 6,39,72,985. TCFSL issued a recall notice on 27.12.2021. The Corporate Debtor acknowledged its liability in renewal letters dated 17.10.2019, 10.01.2020,
…Tata Capital Financial…
Financial creditor granted Sales invoice…