Indian Bank 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 Shyam Indofab Private Limited, the Corporate Debtor, due to a default in payment of Rs. 34,76,29,553. The Corporate Debtor is in the business of manufacturing knitted fabric, dyeing, processing, and printing, and has availed financial facilities under a consortium of banks, including Indian Bank. The Corporate Debtor had approached the Applicant Bank for various financial facilities, including term loans and non-fund-based loans, which were sanctioned at different times. The Corporate Debtor acknowledged the debt but stated it was undergoing a financial crunch and did not object to the admission
…1. Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Shyam Indofab Private Limited.
2. The Corporate Debtor, M/s Shyam Indofab Private Limited, is engaged in the business of manufacturing knitted fabric, dyeing, processing, and printing.
3. The Corporate Debtor availed financial facilities from a consortium of banks, including Indian Bank.
4. The Corporate Debtor defaulted on a payment of Rs. 34,76,29,553 to Indian Bank.
5. Indian Bank sanctioned various financial facilities to the Corporate Debtor, including term loans and non-fund-based loans, at different times.
6. The Corporate Debtor acknowledged the debt but stated it was undergoing a financial crunch.
7. The account was declared NPA on 2021-06-04
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M/s Shyam Indofab…
Applicant bank approved…
Indian Bank 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 Shyam Indofab Private Limited, the Corporate Debtor, due to a default in payment of Rs. 34,76,29,553. The Corporate Debtor is in the business of manufacturing knitted fabric, dyeing, processing, and printing, and has availed financial facilities under a consortium of banks, including Indian Bank. The Corporate Debtor had approached the Applicant Bank for various financial facilities, including term loans and non-fund-based loans, which were sanctioned at different times. The Corporate Debtor acknowledged the debt but stated it was undergoing a financial crunch and did not object to the admission
…1. Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Shyam Indofab Private Limited.
2. The Corporate Debtor, M/s Shyam Indofab Private Limited, is engaged in the business of manufacturing knitted fabric, dyeing, processing, and printing.
3. The Corporate Debtor availed financial facilities from a consortium of banks, including Indian Bank.
4. The Corporate Debtor defaulted on a payment of Rs. 34,76,29,553 to Indian Bank.
5. Indian Bank sanctioned various financial facilities to the Corporate Debtor, including term loans and non-fund-based loans, at different times.
6. The Corporate Debtor acknowledged the debt but stated it was undergoing a financial crunch.
7. The account was declared NPA on 2021-06-04
M/s Shyam Indofab…
Applicant bank approved…