Union Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sheen India Private Limited, the corporate debtor. The corporate debtor had approached the applicant for cash credit facilities, which were granted and subsequently enhanced. The account was declared NPA on 30.08.2017 due to the corporate debtor's failure to pay the outstanding amount.
Union Bank of India (erstwhile Corporation Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Sheen India Private Limited. Sheen India Private Limited had approached Union Bank of India for cash credit (CC) facilities, which were granted initially to the extent of Rs. 2720.56 Lakhs on 01.02.2013 and subsequently enhanced to Rs. 20 Crore. An ad hoc facility of Rs. 400 Crore was also sanctioned on 05.12.2013. The facilities were reviewed on 31.03.2017. The account was declared NPA on 30.08.2017 due to the failure of Sheen India Private Limited to pay the outstanding amount. The total amount claimed as of 30.06.2022 was Rs. 51,12,91,319.70. Sheen India Private Limited submitted an OTS proposal on
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Union Bank of India granted a cash credit…
An ad hoc facility of…
Union Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sheen India Private Limited, the corporate debtor. The corporate debtor had approached the applicant for cash credit facilities, which were granted and subsequently enhanced. The account was declared NPA on 30.08.2017 due to the corporate debtor's failure to pay the outstanding amount.
Union Bank of India (erstwhile Corporation Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Sheen India Private Limited. Sheen India Private Limited had approached Union Bank of India for cash credit (CC) facilities, which were granted initially to the extent of Rs. 2720.56 Lakhs on 01.02.2013 and subsequently enhanced to Rs. 20 Crore. An ad hoc facility of Rs. 400 Crore was also sanctioned on 05.12.2013. The facilities were reviewed on 31.03.2017. The account was declared NPA on 30.08.2017 due to the failure of Sheen India Private Limited to pay the outstanding amount. The total amount claimed as of 30.06.2022 was Rs. 51,12,91,319.70. Sheen India Private Limited submitted an OTS proposal on
…Union Bank of India granted a cash credit…
An ad hoc facility of…