Andhra Pradesh State Financial Corporation filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against YYY Industries Private Limited, alleging default in repayment of a financial debt.
Andhra Pradesh State Financial Corporation sanctioned a term loan of Rs. 7,50,00,000/- to YYY Industries Private Limited, out of which Rs. 746.55 lakhs was disbursed.
The Corporate Debtor defaulted in repayment, leading to the loan account being classified as NPA on 12.04.2018.
The Applicant issued a demand notice on 08.11.2018 for Rs. 1006.18 lakhs, but the Corporate Debtor failed to liquidate the outstanding dues.
The Corporate Debtor acknowledged its liability in letters dated 07.01.2019 and 07.11.2022 and made part payments.
The Financial Creditor recommended Mr. Kalvakolanu Murali Krishna Prasad as the Interim Resolution Professional.
The Corporate Debtor contended that the NPA classification was premature as it was before the expiry of the moratorium period.
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YYY Industries…
Financial facilities were obtained from the…
Andhra Pradesh State Financial Corporation filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against YYY Industries Private Limited, alleging default in repayment of a financial debt.
Andhra Pradesh State Financial Corporation sanctioned a term loan of Rs. 7,50,00,000/- to YYY Industries Private Limited, out of which Rs. 746.55 lakhs was disbursed.
The Corporate Debtor defaulted in repayment, leading to the loan account being classified as NPA on 12.04.2018.
The Applicant issued a demand notice on 08.11.2018 for Rs. 1006.18 lakhs, but the Corporate Debtor failed to liquidate the outstanding dues.
The Corporate Debtor acknowledged its liability in letters dated 07.01.2019 and 07.11.2022 and made part payments.
The Financial Creditor recommended Mr. Kalvakolanu Murali Krishna Prasad as the Interim Resolution Professional.
The Corporate Debtor contended that the NPA classification was premature as it was before the expiry of the moratorium period.
…YYY Industries…
Financial facilities were obtained from the…