Shriram Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Unimac Plastic Technology Private Limited, the Corporate Debtor, due to defaults in repayment of loans. The Financial Creditor claimed a total sum of Rs. 2,95,24,65/- as the financial debt, with the date of default stated as 2019-09-27. The Corporate Debtor had approached the Financial Creditor for loans in 2017, which were sanctioned in 2018. Despite multiple loan agreements and repayment schedules, the Corporate Debtor defaulted, leading to the loan account being classified as a Non-Performing Asset (NPA) in 2020. The Financial Creditor issued recall notices and
…Shriram Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Unimac Plastic Technology Private Limited (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total debt of Rs. 2,95,24,65/- with the date of default being 2019-09-27. The Corporate Debtor had approached the Financial Creditor on 2017-12-21 seeking loans. The Financial Creditor sanctioned a term loan of Rs. 50,00,000/- on 2018-02-27, and a Term Loan Agreement (TLA) was executed. Mr. R. Balakrishnan Ramasamy stood as the Guarantor. A Memorandum of Deposit of Title Deed dated 2018-02-27 was executed in favor of the Financial Creditor. The Term Loan was to be repaid in 60
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Shriram Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Unimac Plastic Technology Private Limited, the Corporate Debtor, due to defaults in repayment of loans. The Financial Creditor claimed a total sum of Rs. 2,95,24,65/- as the financial debt, with the date of default stated as 2019-09-27. The Corporate Debtor had approached the Financial Creditor for loans in 2017, which were sanctioned in 2018. Despite multiple loan agreements and repayment schedules, the Corporate Debtor defaulted, leading to the loan account being classified as a Non-Performing Asset (NPA) in 2020. The Financial Creditor issued recall notices and
…Shriram Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Unimac Plastic Technology Private Limited (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total debt of Rs. 2,95,24,65/- with the date of default being 2019-09-27. The Corporate Debtor had approached the Financial Creditor on 2017-12-21 seeking loans. The Financial Creditor sanctioned a term loan of Rs. 50,00,000/- on 2018-02-27, and a Term Loan Agreement (TLA) was executed. Mr. R. Balakrishnan Ramasamy stood as the Guarantor. A Memorandum of Deposit of Title Deed dated 2018-02-27 was executed in favor of the Financial Creditor. The Term Loan was to be repaid in 60
…The Corporate Debtor…
The Financial Creditor…