M/s. Indian Overseas Bank (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Helapuri Spinning Mills Pvt Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed various fund-based term loan facilities from 2009 onwards and defaulted on repayments, leading to their accounts being classified as Non-Performing Assets (NPA) on 01.07.2014. The total outstanding amount claimed was Rs. 377,85,72,392.55. Recovery proceedings were initiated before the Debt Recovery Tribunal (DRT), Hyderabad, which resulted in an ex parte decree on 20.01.2017 and a Recovery Certificate on 23.06.2021. The Corporate Debtor also submitted One-Time Settlement (OTS)
…M/s. Indian Overseas Bank filed a petition under Section 7 of the IBC against M/s. Helapuri Spinning Mills Pvt Ltd. seeking initiation of CIRP.
The petition claims a default of Rs. 377,85,72,392.55.
The Corporate Debtor is engaged in the business of preparation and spinning of silk, yarn, and other fabrics.
The Corporate Debtor availed various fund-based term loan facilities from the Financial Creditor from 2009 onwards.
The credit facilities were sanctioned and renewed through letters dated 11.11.2009, 28.09.2010, 16.05.2011, 28.09.2012, and 19.12.2013.
The Corporate Debtor committed defaults in repayment of the credit facilities.
The Financial Creditor issued various notices (31.07.2014, 26.08.2014, 04.09.2014, 09.09.2014, 20.09.2014) for regularization of accounts.
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Corporate Debtor approached the Financial…
Financial Creditor…
M/s. Indian Overseas Bank (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Helapuri Spinning Mills Pvt Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed various fund-based term loan facilities from 2009 onwards and defaulted on repayments, leading to their accounts being classified as Non-Performing Assets (NPA) on 01.07.2014. The total outstanding amount claimed was Rs. 377,85,72,392.55. Recovery proceedings were initiated before the Debt Recovery Tribunal (DRT), Hyderabad, which resulted in an ex parte decree on 20.01.2017 and a Recovery Certificate on 23.06.2021. The Corporate Debtor also submitted One-Time Settlement (OTS)
…M/s. Indian Overseas Bank filed a petition under Section 7 of the IBC against M/s. Helapuri Spinning Mills Pvt Ltd. seeking initiation of CIRP.
The petition claims a default of Rs. 377,85,72,392.55.
The Corporate Debtor is engaged in the business of preparation and spinning of silk, yarn, and other fabrics.
The Corporate Debtor availed various fund-based term loan facilities from the Financial Creditor from 2009 onwards.
The credit facilities were sanctioned and renewed through letters dated 11.11.2009, 28.09.2010, 16.05.2011, 28.09.2012, and 19.12.2013.
The Corporate Debtor committed defaults in repayment of the credit facilities.
The Financial Creditor issued various notices (31.07.2014, 26.08.2014, 04.09.2014, 09.09.2014, 20.09.2014) for regularization of accounts.
…Corporate Debtor approached the Financial…
Financial Creditor…