The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shruthi Milk Products Private Limited, citing a default in repayment of financial debt. The corporate debtor was engaged in the business of manufacturing dairy products and had availed various credit facilities from the financial creditor since 2006. The corporate debtor faced financial distress due to operational challenges and the COVID-19 pandemic, leading to irregularities in its loan account. The financial creditor classified the corporate debtor's account as Non-Performing Asset (NPA) on 28.05.2023, with retrospective effect from 28.06.2021.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shruthi Milk Products Private Limited. SBI claimed that Shruthi Milk Products defaulted on a financial debt. Shruthi Milk Products was incorporated on 03.03.2008 and is engaged in manufacturing dairy products. SBI classified Shruthi Milk Products' account as Non-Performing Asset (NPA) on 28.05.2023 with retrospective effect from 28.06.2021. The amount in default was Rs. 34,07,70,390 as of 31.03.2024. SBI issued a notice under Section 13(2) of the SARFAESI Act on 12.06.2023. Shruthi Milk Products proposed a timeline for settling the loan amount, which SBI rejected. SBI issued a possession
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The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shruthi Milk Products Private Limited, citing a default in repayment of financial debt. The corporate debtor was engaged in the business of manufacturing dairy products and had availed various credit facilities from the financial creditor since 2006. The corporate debtor faced financial distress due to operational challenges and the COVID-19 pandemic, leading to irregularities in its loan account. The financial creditor classified the corporate debtor's account as Non-Performing Asset (NPA) on 28.05.2023, with retrospective effect from 28.06.2021.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shruthi Milk Products Private Limited. SBI claimed that Shruthi Milk Products defaulted on a financial debt. Shruthi Milk Products was incorporated on 03.03.2008 and is engaged in manufacturing dairy products. SBI classified Shruthi Milk Products' account as Non-Performing Asset (NPA) on 28.05.2023 with retrospective effect from 28.06.2021. The amount in default was Rs. 34,07,70,390 as of 31.03.2024. SBI issued a notice under Section 13(2) of the SARFAESI Act on 12.06.2023. Shruthi Milk Products proposed a timeline for settling the loan amount, which SBI rejected. SBI issued a possession
…The corporate debtor…
The corporate debtor started availing…