The State Bank of India sanctioned credit facilities to M/s Auto Décor Private Limited (Corporate Debtor), which were reviewed and enhanced over time. The Corporate Debtor and personal guarantors requested renewal of working capital. The bank 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 further 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, and the deposit was forfeited. The Corporate Debtor requested revival of the compromise. The bank initiated recovery proceedings at the Debt Recovery Tribunal-II. A CIRP was initiated by APPL
…The State Bank of India (SBI) extended credit facilities to Auto Décor Private Limited, which were periodically reviewed and increased. 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 for 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 at the Debt Recovery Tribunal-II. A CIRP was initiated against the Corporate Debtor by APPL Industries Limited. Mr. Ajay Gupta was appointed as the Resolution
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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 (Corporate Debtor), which were reviewed and enhanced over time. The Corporate Debtor and personal guarantors requested renewal of working capital. The bank 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 further 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, and the deposit was forfeited. The Corporate Debtor requested revival of the compromise. The bank initiated recovery proceedings at the Debt Recovery Tribunal-II. A CIRP was initiated by APPL
…The State Bank of India (SBI) extended credit facilities to Auto Décor Private Limited, which were periodically reviewed and increased. 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 for 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 at the Debt Recovery Tribunal-II. A CIRP was initiated against the Corporate Debtor by APPL Industries Limited. Mr. Ajay Gupta was appointed as the Resolution
…Petitioner sanctioned SLC (Synthetic Letter…
SLC was converted into WCTL (Working Capital…