Madhya Pradesh Financial Corporation filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sri Naga Krishna Chemicals Ltd. for non-payment of dues amounting to Rs. 7,95,72,029/- as of 18.07.2017.
Madhya Pradesh Financial Corporation sanctioned Rs.7,50,00,000/- to Sri Naga Krishna Chemicals Ltd. as per the sanction letter dated 24.02.2009.
Rs.6,75,00,000/- were disbursed to the Corporate Debtor between 25.05.2009 and 20.09.2010.
The Corporate Debtor executed loan agreements and a memorandum of deposit of title deeds for equitable mortgage.
The Corporate Debtor defaulted on 01.01.2011, and the account was classified as NPA on 01.04.2011.
The Financial Creditor issued a recall notice dated 22.04.2024.
The Corporate Debtor submitted One-Time Settlement (OTS) proposals, which were rejected by the Financial Creditor.
As of 18.07.2017, the total outstanding amount was Rs.7,95,72,029/-.
The Financial Creditor proposed Mr. Madasa Kumar as the Interim Resolution Professional.
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Madhya Pradesh Financial Corporation…
Rs.6,75,00,000/- were…
Madhya Pradesh Financial Corporation filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sri Naga Krishna Chemicals Ltd. for non-payment of dues amounting to Rs. 7,95,72,029/- as of 18.07.2017.
Madhya Pradesh Financial Corporation sanctioned Rs.7,50,00,000/- to Sri Naga Krishna Chemicals Ltd. as per the sanction letter dated 24.02.2009.
Rs.6,75,00,000/- were disbursed to the Corporate Debtor between 25.05.2009 and 20.09.2010.
The Corporate Debtor executed loan agreements and a memorandum of deposit of title deeds for equitable mortgage.
The Corporate Debtor defaulted on 01.01.2011, and the account was classified as NPA on 01.04.2011.
The Financial Creditor issued a recall notice dated 22.04.2024.
The Corporate Debtor submitted One-Time Settlement (OTS) proposals, which were rejected by the Financial Creditor.
As of 18.07.2017, the total outstanding amount was Rs.7,95,72,029/-.
The Financial Creditor proposed Mr. Madasa Kumar as the Interim Resolution Professional.
…Madhya Pradesh Financial Corporation…
Rs.6,75,00,000/- were…