The case involves a petition filed by Intec Capital Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shivani Flexipack Limited (Corporate Debtor) due to default in repayment of a loan. The Corporate Debtor had approached the Financial Creditor for a loan facility to purchase machinery, which was sanctioned via a Sanction Letter dated 2011-11-18. A Loan Agreement was executed on 2012-01-18. The Financial Creditor claims that the Corporate Debtor defaulted on the loan repayment, leading to an arbitration award in favor of the Financial Creditor on 2018-02-21. The Financial Creditor filed the petition on 2022-05-13, stating the date of default as 2018-02-21,
…Intec Capital Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shivani Flexipack Limited (Corporate Debtor) due to default in loan repayment. The Corporate Debtor approached the Financial Creditor for a loan facility to purchase machinery. The Financial Creditor sanctioned a loan of Rs. 1,66,40,134/- vide Sanction Letter dated 2011-11-18. A Loan Agreement was executed on 2012-01-18. As per the loan agreement, the Corporate Debtor offered collateral money of Rs. 49,92,040/-, personal guarantee of Mr. Shankar Namdev Kashid, and a first and exclusive charge on lamination machines. The loan was repayable in 60 monthly installments. The Financial
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Financial Creditor…
Loan Agreement executed…
The case involves a petition filed by Intec Capital Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shivani Flexipack Limited (Corporate Debtor) due to default in repayment of a loan. The Corporate Debtor had approached the Financial Creditor for a loan facility to purchase machinery, which was sanctioned via a Sanction Letter dated 2011-11-18. A Loan Agreement was executed on 2012-01-18. The Financial Creditor claims that the Corporate Debtor defaulted on the loan repayment, leading to an arbitration award in favor of the Financial Creditor on 2018-02-21. The Financial Creditor filed the petition on 2022-05-13, stating the date of default as 2018-02-21,
…Intec Capital Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shivani Flexipack Limited (Corporate Debtor) due to default in loan repayment. The Corporate Debtor approached the Financial Creditor for a loan facility to purchase machinery. The Financial Creditor sanctioned a loan of Rs. 1,66,40,134/- vide Sanction Letter dated 2011-11-18. A Loan Agreement was executed on 2012-01-18. As per the loan agreement, the Corporate Debtor offered collateral money of Rs. 49,92,040/-, personal guarantee of Mr. Shankar Namdev Kashid, and a first and exclusive charge on lamination machines. The loan was repayable in 60 monthly installments. The Financial
…Financial Creditor…
Loan Agreement executed…