The State Bank of India sanctioned credit facilities to M/s Auto Décor Private Limited, which were reviewed and enhanced over time. The Corporate Debtor and Guarantors requested for renewal of working capital. The Petitioner sanctioned a Synthetic Letter of Credit (SLC) of Rs. 2.00 Crores, later converted to a Working Capital Term Loan (WCTL) of Rs. 49.67 Crores, and subsequently enhanced to Rs. 51.17 Crores. These facilities were secured by personal guarantees, including that of Mr. Vivek Sachdev. A compromise proposal for Rs. 16.50 crore was sanctioned but lapsed. The Corporate Debtor requested revival of the compromise proposal. The Petitioner approached the Debt Recovery Tribunal-II for recovery. OA No. 159 of 2017 is pending adjudication against the Corporate
…The State Bank of India (SBI) extended credit facilities to M/s Auto Décor Private Limited, which were periodically reviewed and enhanced. These facilities were backed by personal guarantees, including one from Mr. Vivek Sachdev. SBI sanctioned a Synthetic Letter of Credit (SLC) of Rs. 2.00 Crores, which was later converted into a Working Capital Term Loan (WCTL) of Rs. 49.67 Crores and subsequently increased to Rs. 51.17 Crores. A compromise proposal of Rs. 16.50 crore was sanctioned but lapsed due to non-payment. The Corporate Debtor requested a revival of the compromise. SBI initiated recovery proceedings before the Debt Recovery Tribunal-II. OA No. 159 of 2017 is pending adjudication against the Corporate Debtor. A CIRP was initiated by APPL Industries Limited
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Petitioner sanctioned SLC (Synthetic Letter…
SLC was converted into WCTL (Working Capital…
The State Bank of India sanctioned credit facilities to M/s Auto Décor Private Limited, which were reviewed and enhanced over time. The Corporate Debtor and Guarantors requested for renewal of working capital. The Petitioner sanctioned a Synthetic Letter of Credit (SLC) of Rs. 2.00 Crores, later converted to a Working Capital Term Loan (WCTL) of Rs. 49.67 Crores, and subsequently enhanced to Rs. 51.17 Crores. These facilities were secured by personal guarantees, including that of Mr. Vivek Sachdev. A compromise proposal for Rs. 16.50 crore was sanctioned but lapsed. The Corporate Debtor requested revival of the compromise proposal. The Petitioner approached the Debt Recovery Tribunal-II for recovery. OA No. 159 of 2017 is pending adjudication against the Corporate
…The State Bank of India (SBI) extended credit facilities to M/s Auto Décor Private Limited, which were periodically reviewed and enhanced. These facilities were backed by personal guarantees, including one from Mr. Vivek Sachdev. SBI sanctioned a Synthetic Letter of Credit (SLC) of Rs. 2.00 Crores, which was later converted into a Working Capital Term Loan (WCTL) of Rs. 49.67 Crores and subsequently increased to Rs. 51.17 Crores. A compromise proposal of Rs. 16.50 crore was sanctioned but lapsed due to non-payment. The Corporate Debtor requested a revival of the compromise. SBI initiated recovery proceedings before the Debt Recovery Tribunal-II. OA No. 159 of 2017 is pending adjudication against the Corporate Debtor. A CIRP was initiated by APPL Industries Limited
…Petitioner sanctioned SLC (Synthetic Letter…
SLC was converted into WCTL (Working Capital…