State Bank of India (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Noel Pharma (India) Private Limited (Corporate Debtor). The default in repayment of a financial debt amounted to Rs.79,10,35,587.57 as on 31.10.2024, with the date of default being 30.06.2018. The Corporate Debtor had availed various credit facilities from the Financial Creditor since 2007, which were subsequently enhanced and secured by personal guarantees and mortgages. The accounts were classified as Non-Performing Assets (NPA) on 27.09.2018. Despite multiple One Time Settlement (OTS) proposals and negotiations, including part-payments and release of some mortgaged properties, the Corporate Debtor failed
…State Bank of India (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, seeking initiation of CIRP against M/s. Noel Pharma (India) Private Limited (Corporate Debtor).
The Corporate Debtor defaulted on a financial debt of Rs.79,10,35,587.57 as on 31.10.2024, with the Date of Default being 30.06.2018.
The Corporate Debtor, initially a proprietorship owned by Mr. S. Venkataiah, converted to a private limited company on 15.11.2012 and later a public limited company on 01.12.2017.
The Financial Creditor sanctioned various credit facilities to the Corporate Debtor, initially Rs.8.00 crores in 2007, which were subsequently enhanced to Rs.35.48 crores by 2012 and further to Rs.42.89 crores by December 2012.
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Financial Creditor initially sanctioned…
Credit facilities were…
State Bank of India (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Noel Pharma (India) Private Limited (Corporate Debtor). The default in repayment of a financial debt amounted to Rs.79,10,35,587.57 as on 31.10.2024, with the date of default being 30.06.2018. The Corporate Debtor had availed various credit facilities from the Financial Creditor since 2007, which were subsequently enhanced and secured by personal guarantees and mortgages. The accounts were classified as Non-Performing Assets (NPA) on 27.09.2018. Despite multiple One Time Settlement (OTS) proposals and negotiations, including part-payments and release of some mortgaged properties, the Corporate Debtor failed
…State Bank of India (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, seeking initiation of CIRP against M/s. Noel Pharma (India) Private Limited (Corporate Debtor).
The Corporate Debtor defaulted on a financial debt of Rs.79,10,35,587.57 as on 31.10.2024, with the Date of Default being 30.06.2018.
The Corporate Debtor, initially a proprietorship owned by Mr. S. Venkataiah, converted to a private limited company on 15.11.2012 and later a public limited company on 01.12.2017.
The Financial Creditor sanctioned various credit facilities to the Corporate Debtor, initially Rs.8.00 crores in 2007, which were subsequently enhanced to Rs.35.48 crores by 2012 and further to Rs.42.89 crores by December 2012.
…Financial Creditor initially sanctioned…
Credit facilities were…