SBI Factors Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Prasanna Bio Molecules Pvt Ltd, the Corporate Debtor, due to default in payment of debt.
SBI Factors Ltd sanctioned a Trade Finance Facility to Prasanna Bio Molecules Pvt Ltd up to ₹5.0 Crores vide Sanction Letter No. 2024/1 dated 26.08.2024.
The Corporate Debtor executed a Deed of Charge, Demand Promissory Note, MSME Undertaking, and Master Factoring Agreement.
The Managing Director and Director of the Corporate Debtor, Mr. K Purnachandra Rao Kavuri and Mrs. Anusha Kavuri, executed Personal Guarantees.
The Corporate Debtor defaulted in making payments against invoices, leading to the account being classified as NPA w.e.f. 10.03.2025.
SBI Factors Ltd issued Demand Notices to the Corporate Debtor and the Guarantors.
The Corporate Debtor made part payments of Rs 10 lakhs on 11.03.2025 and Rs 5 lakhs on 18.03.2025.
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SBI Factors Ltd sanctioned a Trade Finance…
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SBI Factors Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Prasanna Bio Molecules Pvt Ltd, the Corporate Debtor, due to default in payment of debt.
SBI Factors Ltd sanctioned a Trade Finance Facility to Prasanna Bio Molecules Pvt Ltd up to ₹5.0 Crores vide Sanction Letter No. 2024/1 dated 26.08.2024.
The Corporate Debtor executed a Deed of Charge, Demand Promissory Note, MSME Undertaking, and Master Factoring Agreement.
The Managing Director and Director of the Corporate Debtor, Mr. K Purnachandra Rao Kavuri and Mrs. Anusha Kavuri, executed Personal Guarantees.
The Corporate Debtor defaulted in making payments against invoices, leading to the account being classified as NPA w.e.f. 10.03.2025.
SBI Factors Ltd issued Demand Notices to the Corporate Debtor and the Guarantors.
The Corporate Debtor made part payments of Rs 10 lakhs on 11.03.2025 and Rs 5 lakhs on 18.03.2025.
…SBI Factors Ltd sanctioned a Trade Finance…
Terms and conditions of…