State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Vivimed Labs Limited, claiming a default of Rs. 241,40,62,023.40 as of June 30, 2022. The financial creditor, SBI, sought to initiate CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor availed financial assistance from the erstwhile State Bank of Hyderabad (SBH), which later merged with SBI. Various credit facilities and term loans were sanctioned to the corporate debtor under multiple sanction letters. The corporate debtor faced financial difficulties, leading to the account being classified as NPA (Non-Performing Asset).
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Vivimed Labs Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim was based on a total outstanding default amount of Rs. 241,40,62,023.40 as of June 30, 2022. SBI, as the financial creditor, had sanctioned various credit facilities and term loans to Vivimed Labs Limited through the erstwhile State Bank of Hyderabad (SBH), which later merged with SBI. The corporate debtor availed financial assistance from SBH under Sanction Letter dated 24.01.2004 and the limits sanctioned therein were Rs. 10,95,00,000/-. Thereafter, at the request of Corporate Debtor seeking renewal-cum- enhancement of the financial assistance, vide
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SBH sanctioned financial…
SBH enhanced financial…
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Vivimed Labs Limited, claiming a default of Rs. 241,40,62,023.40 as of June 30, 2022. The financial creditor, SBI, sought to initiate CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor availed financial assistance from the erstwhile State Bank of Hyderabad (SBH), which later merged with SBI. Various credit facilities and term loans were sanctioned to the corporate debtor under multiple sanction letters. The corporate debtor faced financial difficulties, leading to the account being classified as NPA (Non-Performing Asset).
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Vivimed Labs Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim was based on a total outstanding default amount of Rs. 241,40,62,023.40 as of June 30, 2022. SBI, as the financial creditor, had sanctioned various credit facilities and term loans to Vivimed Labs Limited through the erstwhile State Bank of Hyderabad (SBH), which later merged with SBI. The corporate debtor availed financial assistance from SBH under Sanction Letter dated 24.01.2004 and the limits sanctioned therein were Rs. 10,95,00,000/-. Thereafter, at the request of Corporate Debtor seeking renewal-cum- enhancement of the financial assistance, vide
…SBH sanctioned financial…
SBH enhanced financial…