Kerala State Industrial Development Corporation Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Accurarch Acrylics Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to a default in repayment of a term loan.
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor defaulted on a term loan obtained from the Financial Creditor.
The total amount claimed to be in default is Rs.10,06,29,063/- as on 31.05.2024.
The Corporate Debtor was incorporated on 18.05.2009.
The Financial Creditor is a systematically important non-deposit taking Non-Banking Financial Company (NBFC-ND-SI).
The Corporate Debtor acknowledged the debt in its Financial Statements and Notes to Accounts.
The Financial Creditor issued a Revenue Recovery Requisition in July 2016 against the company and the guarantors.
National E-Governance Services Ltd. (NeSL) issued a Record of Default (RoD) to the Applicant.
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Kerala State Industrial Development Corporation…
Court ordered n…
Kerala State Industrial Development Corporation Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Accurarch Acrylics Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to a default in repayment of a term loan.
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor defaulted on a term loan obtained from the Financial Creditor.
The total amount claimed to be in default is Rs.10,06,29,063/- as on 31.05.2024.
The Corporate Debtor was incorporated on 18.05.2009.
The Financial Creditor is a systematically important non-deposit taking Non-Banking Financial Company (NBFC-ND-SI).
The Corporate Debtor acknowledged the debt in its Financial Statements and Notes to Accounts.
The Financial Creditor issued a Revenue Recovery Requisition in July 2016 against the company and the guarantors.
National E-Governance Services Ltd. (NeSL) issued a Record of Default (RoD) to the Applicant.
…Kerala State Industrial Development Corporation…
Court ordered n…