M/s. STCI Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Natems Sugar Private Limited.
STCI Finance Limited sanctioned a Corporate Term Loan of ₹60 Crore to Natems Sugar Private Limited.
The loan was sanctioned vide sanction letter No. STCI/CL/NSPL/17-18/1674 dated 19.03.2018.
A Facility Agreement dated 29.03.2018 was executed between the parties.
The Corporate Debtor executed various security documents on 29.03.2018, including a Demand Promissory Note, Continuing Letter, Share Pledge Agreement, Irrevocable Power of Attorney, Mortgage by Deposit of Title Deeds, and Deed of Hypothecation.
The loan amount was repayable in 20 quarterly installments.
The Corporate Debtor committed default in repayment when the installment of ₹3 Crore due on 31.12.2019 was not paid.
Interest amounting to ₹1,22,19,728/- due on 01.02.2020 and 02.03.2020 also remained unpaid.
…Sign in to view the parties.
Sanction letter No.…
Facility Agreement…
M/s. STCI Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Natems Sugar Private Limited.
STCI Finance Limited sanctioned a Corporate Term Loan of ₹60 Crore to Natems Sugar Private Limited.
The loan was sanctioned vide sanction letter No. STCI/CL/NSPL/17-18/1674 dated 19.03.2018.
A Facility Agreement dated 29.03.2018 was executed between the parties.
The Corporate Debtor executed various security documents on 29.03.2018, including a Demand Promissory Note, Continuing Letter, Share Pledge Agreement, Irrevocable Power of Attorney, Mortgage by Deposit of Title Deeds, and Deed of Hypothecation.
The loan amount was repayable in 20 quarterly installments.
The Corporate Debtor committed default in repayment when the installment of ₹3 Crore due on 31.12.2019 was not paid.
Interest amounting to ₹1,22,19,728/- due on 01.02.2020 and 02.03.2020 also remained unpaid.
…Sanction letter No.…
Facility Agreement…