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, 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. Upon the Corporate Debtor's failure to repay, the account was classified as NPA on July 31, 2019, and a demand notice was issued on August 6, 2019, under Section 13(2) of the SARFAESI Act. The applicant took possession of the secured assets of the Corporate Debtor on June 19 and 20, 2020.
Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sushitex Industries Private Limited, the Corporate Debtor. 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 make repayments, the Financial Creditor classified the account as NPA on July 31, 2019. A demand notice was issued on August 6, 2019, under Section 13(2) of the SARFAESI Act, demanding repayment of Rs. 32.64 crore. The Applicant took possession of the secured assets of the Corporate Debtor on June 19 and 20, 2020. The Corporate Debtor initially opposed the petition but
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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, 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. Upon the Corporate Debtor's failure to repay, the account was classified as NPA on July 31, 2019, and a demand notice was issued on August 6, 2019, under Section 13(2) of the SARFAESI Act. The applicant took possession of the secured assets of the Corporate Debtor on June 19 and 20, 2020.
Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sushitex Industries Private Limited, the Corporate Debtor. 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 make repayments, the Financial Creditor classified the account as NPA on July 31, 2019. A demand notice was issued on August 6, 2019, under Section 13(2) of the SARFAESI Act, demanding repayment of Rs. 32.64 crore. The Applicant took possession of the secured assets of the Corporate Debtor on June 19 and 20, 2020. The Corporate Debtor initially opposed the petition but
…The Corporate Debtor…
The credit facilities…