Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sushitex Industries Private Limited, citing an unresolved financial debt of Rs. 30,48,23,962.64. The corporate debtor had availed credit facilities which were renewed from time to time and lastly on 26th September 2018. Upon failure to make repayments, the account was classified as NPA on 31st July 2019, leading to a demand notice and subsequent possession of secured assets by the applicant.
Bank of India, the financial creditor, filed a petition to initiate CIRP against Sushitex Industries Private Limited, the corporate debtor, due to an unresolved financial debt of Rs. 30,48,23,962.64. The corporate debtor had availed credit facilities of Rs. 24.80 crore in 2010, which were renewed until September 26, 2018. Due to the corporate debtor's failure to repay, the financial creditor classified the account as NPA on July 31, 2019, and issued a demand notice on August 6, 2019, for an outstanding amount of Rs. 32.64 crore. The financial creditor took possession of the secured assets on June 19 and 20, 2020. The corporate debtor filed an affidavit opposing the admission of the company petition but admitted to the existence of the debt and default in repayment. The
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The Corporate Debtor…
The credit facilities…
Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sushitex Industries Private Limited, citing an unresolved financial debt of Rs. 30,48,23,962.64. The corporate debtor had availed credit facilities which were renewed from time to time and lastly on 26th September 2018. Upon failure to make repayments, the account was classified as NPA on 31st July 2019, leading to a demand notice and subsequent possession of secured assets by the applicant.
Bank of India, the financial creditor, filed a petition to initiate CIRP against Sushitex Industries Private Limited, the corporate debtor, due to an unresolved financial debt of Rs. 30,48,23,962.64. The corporate debtor had availed credit facilities of Rs. 24.80 crore in 2010, which were renewed until September 26, 2018. Due to the corporate debtor's failure to repay, the financial creditor classified the account as NPA on July 31, 2019, and issued a demand notice on August 6, 2019, for an outstanding amount of Rs. 32.64 crore. The financial creditor took possession of the secured assets on June 19 and 20, 2020. The corporate debtor filed an affidavit opposing the admission of the company petition but admitted to the existence of the debt and default in repayment. The
…The Corporate Debtor…
The credit facilities…