State 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 M/s. VHM Industries Limited, citing an unresolved financial debt of Rs. 2,21,43,23,173/-. The Corporate Debtor had been availing financial assistance since 2014, with a consortium of banks, including Karur Vyasa Bank, Syndicate Bank, Corporation Bank, and Canara Bank, joining in 2015, with State Bank of India as the lead bank. The credit limits were renewed periodically, with the last renewal on 04.04.2019. The Corporate Debtor faced liquidity issues, leading to irregular loan accounts and classification as a Non-Performing Asset (NPA) on 23.12.2019. The Petitioner issued a notice under
…State Bank of India (SBI) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against VHM Industries Limited due to a financial debt of Rs. 2,21,43,23,173/-. VHM Industries had been availing financial assistance since 2014, initially under a sole banking arrangement. In 2015, Karur Vyasa Bank, Syndicate Bank, Corporation Bank, and Canara Bank joined, forming a consortium with SBI as the lead bank. The credit limits were periodically renewed, last on 04.04.2019. VHM Industries faced liquidity issues, leading to the account being classified as a Non-Performing Asset (NPA) on 23.12.2019. SBI issued a notice under Section 13(2) of the SARFAESI Act on 09.09.2021. VHM Industries argued that SBI's action violated Inter se Creditor Agreements, requiring
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Corporate Debtor was…
Four new banks joined for extending financial…
State 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 M/s. VHM Industries Limited, citing an unresolved financial debt of Rs. 2,21,43,23,173/-. The Corporate Debtor had been availing financial assistance since 2014, with a consortium of banks, including Karur Vyasa Bank, Syndicate Bank, Corporation Bank, and Canara Bank, joining in 2015, with State Bank of India as the lead bank. The credit limits were renewed periodically, with the last renewal on 04.04.2019. The Corporate Debtor faced liquidity issues, leading to irregular loan accounts and classification as a Non-Performing Asset (NPA) on 23.12.2019. The Petitioner issued a notice under
…State Bank of India (SBI) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against VHM Industries Limited due to a financial debt of Rs. 2,21,43,23,173/-. VHM Industries had been availing financial assistance since 2014, initially under a sole banking arrangement. In 2015, Karur Vyasa Bank, Syndicate Bank, Corporation Bank, and Canara Bank joined, forming a consortium with SBI as the lead bank. The credit limits were periodically renewed, last on 04.04.2019. VHM Industries faced liquidity issues, leading to the account being classified as a Non-Performing Asset (NPA) on 23.12.2019. SBI issued a notice under Section 13(2) of the SARFAESI Act on 09.09.2021. VHM Industries argued that SBI's action violated Inter se Creditor Agreements, requiring
…Corporate Debtor was…
Four new banks joined for extending financial…