IndusInd Bank Ltd, the Financial Creditor (FC), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Siddhi Agro Foods Pvt. Ltd, the Corporate Debtor (CD). The petition pertains to a loan facility availed by the CD amounting to Rs. 62,66,08,088, which includes a principal amount of Rs. 31,03,20,563.49 and interest of Rs. 31,62,87,524.51 calculated up to 28.02.2023. The CD had been granted a cash credit/overdraft facility and a term loan by the FC, secured by charges registered with the Registrar of Companies, Chhattisgarh. The CD's account was classified as a Non-Performing Asset (NPA) on 11.07.2017, leading to the issuance of a demand notice under Section 13(2)
…IndusInd Bank Ltd, the Financial Creditor (FC), sought to initiate Corporate Insolvency Resolution Process (CIRP) against Siddhi Agro Foods Pvt. Ltd, the Corporate Debtor (CD), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The claim was based on a loan facility of Rs. 62,66,08,088 availed by the CD, including Rs. 31,03,20,563.49 as principal and Rs. 31,62,87,524.51 as interest calculated up to 28.02.2023. The FC had sanctioned a cash credit/overdraft facility and a term loan to the CD, secured by registered charges. The CD's account was classified as a Non-Performing Asset (NPA) on 11.07.2017, leading to a demand notice under Section 13(2) of the SARFAESI Act, 2002. The CD challenged the petition, arguing that Mr. Rohit Swaroop, who filed the
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IndusInd Bank Ltd, the Financial Creditor (FC), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Siddhi Agro Foods Pvt. Ltd, the Corporate Debtor (CD). The petition pertains to a loan facility availed by the CD amounting to Rs. 62,66,08,088, which includes a principal amount of Rs. 31,03,20,563.49 and interest of Rs. 31,62,87,524.51 calculated up to 28.02.2023. The CD had been granted a cash credit/overdraft facility and a term loan by the FC, secured by charges registered with the Registrar of Companies, Chhattisgarh. The CD's account was classified as a Non-Performing Asset (NPA) on 11.07.2017, leading to the issuance of a demand notice under Section 13(2)
…IndusInd Bank Ltd, the Financial Creditor (FC), sought to initiate Corporate Insolvency Resolution Process (CIRP) against Siddhi Agro Foods Pvt. Ltd, the Corporate Debtor (CD), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The claim was based on a loan facility of Rs. 62,66,08,088 availed by the CD, including Rs. 31,03,20,563.49 as principal and Rs. 31,62,87,524.51 as interest calculated up to 28.02.2023. The FC had sanctioned a cash credit/overdraft facility and a term loan to the CD, secured by registered charges. The CD's account was classified as a Non-Performing Asset (NPA) on 11.07.2017, leading to a demand notice under Section 13(2) of the SARFAESI Act, 2002. The CD challenged the petition, arguing that Mr. Rohit Swaroop, who filed the
…Agreement for cash…
Sanction lette…