This case involves an application filed by Central Bank of India Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s SVP Textiles Ventures Pvt Ltd, the Corporate Debtor, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor has defaulted on its financial obligations. The Corporate Debtor is a corporate guarantor to M/s. Shri Vallabh Pittie South West Industries Ltd, the principal borrower. The application seeks the appointment of an Interim Resolution Professional (IRP) and a declaration of moratorium.
Central Bank of India Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s SVP Textiles Ventures Pvt Ltd, the Corporate Debtor, seeking the commencement of CIRP. The Corporate Debtor acted as a corporate guarantor for loans granted to M/s. Shri Vallabh Pittie South West Industries Ltd, the principal borrower. The date of default is stated as 01.06.2024, with the NPA date being 01.05.2022. The total amount in default by the principal borrower is Rs. 70,35,32,464.32/-, of which Rs.48,46,73,716.01/- is the principal amount. The Financial Creditor has provided various documents, including loan agreements, corporate guarantees, and statements of account, to support its claim. The principal borrower is
…Sign in to view the parties.
Rajeev Kumar Jha, Chief…
Deed of Corporate…
This case involves an application filed by Central Bank of India Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s SVP Textiles Ventures Pvt Ltd, the Corporate Debtor, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor has defaulted on its financial obligations. The Corporate Debtor is a corporate guarantor to M/s. Shri Vallabh Pittie South West Industries Ltd, the principal borrower. The application seeks the appointment of an Interim Resolution Professional (IRP) and a declaration of moratorium.
Central Bank of India Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s SVP Textiles Ventures Pvt Ltd, the Corporate Debtor, seeking the commencement of CIRP. The Corporate Debtor acted as a corporate guarantor for loans granted to M/s. Shri Vallabh Pittie South West Industries Ltd, the principal borrower. The date of default is stated as 01.06.2024, with the NPA date being 01.05.2022. The total amount in default by the principal borrower is Rs. 70,35,32,464.32/-, of which Rs.48,46,73,716.01/- is the principal amount. The Financial Creditor has provided various documents, including loan agreements, corporate guarantees, and statements of account, to support its claim. The principal borrower is
…Rajeev Kumar Jha, Chief…
Deed of Corporate…