State Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shri Tradco Deesan Private Limited, the Corporate Debtor, due to a financial debt of Rs. 147,86,14,870. The Corporate Debtor is a wholly-owned subsidiary of Shri Tradco Deesan Private Limited and is engaged in the manufacturing of Maize Based Food, Feed, and Industrial Derivatives Products. The Corporate Debtor availed various credit facilities from the Financial Creditor, which were subsequently renewed and enhanced. The Corporate Debtor faced financial difficulties from 2019 onwards, leading to its account being classified as NPA on 26.08.2019. The Financial Creditor issued notices under
…State Bank of India (SBI), the Financial Creditor, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Shri Tradco Deesan Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor is engaged in manufacturing Maize Based Food, Feed, and Industrial Derivatives Products. SBI had granted loan facilities to the Corporate Debtor amounting to Rs. 105.62 Crores, which were later enhanced. The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 26.08.2019 due to financial irregularities and failure to regularize the account. As of 31.08.2021, the total outstanding amount was Rs. 147,86,14,870. The Corporate Debtor opposed the CIRP, claiming that no amount was
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State Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shri Tradco Deesan Private Limited, the Corporate Debtor, due to a financial debt of Rs. 147,86,14,870. The Corporate Debtor is a wholly-owned subsidiary of Shri Tradco Deesan Private Limited and is engaged in the manufacturing of Maize Based Food, Feed, and Industrial Derivatives Products. The Corporate Debtor availed various credit facilities from the Financial Creditor, which were subsequently renewed and enhanced. The Corporate Debtor faced financial difficulties from 2019 onwards, leading to its account being classified as NPA on 26.08.2019. The Financial Creditor issued notices under
…State Bank of India (SBI), the Financial Creditor, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Shri Tradco Deesan Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor is engaged in manufacturing Maize Based Food, Feed, and Industrial Derivatives Products. SBI had granted loan facilities to the Corporate Debtor amounting to Rs. 105.62 Crores, which were later enhanced. The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 26.08.2019 due to financial irregularities and failure to regularize the account. As of 31.08.2021, the total outstanding amount was Rs. 147,86,14,870. The Corporate Debtor opposed the CIRP, claiming that no amount was
…Corporate Debtor was sanctioned credit…
Credit limits were…