State Bank of India Stressed Assets Management (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Pangea Fabrics India Private Limited (Corporate Debtor/Corporate Guarantor). The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in repayment of financial debt amounting to Rs. 732,17,43,319/- as of May 9, 2023. The Corporate Debtor had provided a corporate guarantee for credit facilities extended to Suryajyoti Spinning Mills Limited, the Principal Borrower, which was already under liquidation.
State Bank of India Stressed Assets Management (Financial Creditor) filed a Company Petition under Section 7 of the IBC against M/s Pangea Fabrics India Private Limited (Corporate Debtor/Respondent No.1).
The petition seeks initiation of CIRP against Respondent No.1 for an alleged default in repayment of financial debt amounting to Rs. 732,17,43,319/- as on 09.05.2023.
M/s Pangea Fabrics India Private Limited is the Corporate Guarantor for credit facilities granted to Suryajyoti Spinning Mills Limited (Principal Borrower/Respondent No.2).
The Principal Borrower, Suryajyoti Spinning Mills Limited, is under liquidation pursuant to an order dated 18.04.2023.
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The Security Trustee Agreement was dated, in…
M/s Pangea Fabrics India Private Limited…
State Bank of India Stressed Assets Management (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Pangea Fabrics India Private Limited (Corporate Debtor/Corporate Guarantor). The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in repayment of financial debt amounting to Rs. 732,17,43,319/- as of May 9, 2023. The Corporate Debtor had provided a corporate guarantee for credit facilities extended to Suryajyoti Spinning Mills Limited, the Principal Borrower, which was already under liquidation.
State Bank of India Stressed Assets Management (Financial Creditor) filed a Company Petition under Section 7 of the IBC against M/s Pangea Fabrics India Private Limited (Corporate Debtor/Respondent No.1).
The petition seeks initiation of CIRP against Respondent No.1 for an alleged default in repayment of financial debt amounting to Rs. 732,17,43,319/- as on 09.05.2023.
M/s Pangea Fabrics India Private Limited is the Corporate Guarantor for credit facilities granted to Suryajyoti Spinning Mills Limited (Principal Borrower/Respondent No.2).
The Principal Borrower, Suryajyoti Spinning Mills Limited, is under liquidation pursuant to an order dated 18.04.2023.
…The Security Trustee Agreement was dated, in…
M/s Pangea Fabrics India Private Limited…