Axis Bank Limited, as Financial Creditor, filed a Section 7 application under the IBC, 2016, against Maa Chinnamasta Food Processors Private Limited (Corporate Debtor) for initiating CIRP due to default in repayment of credit facilities totaling INR 22,03,24,509.99/-. The Corporate Debtor contested the application on grounds of non-disbursement of a term loan, non-consideration of an MSME restructuring proposal, limitation, and lack of proper authorization for the Financial Creditor's application.
Axis Bank Limited (Financial Creditor) filed a Section 7 IBC petition against Maa Chinnamasta Food Processors Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP).
The Financial Creditor sanctioned various credit facilities, including Cash Credit I & II, Term Loan I & II, and Emergency Credit Line Guarantee Scheme-I, totaling INR 20,89,00,000/- to the Corporate Debtor.
The Corporate Debtor accepted the terms and conditions of the sanction letter dated 11.02.2021 via a Board Resolution on 20.02.2021.
Working Capital Loan and Term Loan agreements were executed on 24.02.2021 between the Corporate Debtor and the Financial Creditor.
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Axis Bank Limited's Board of Directors held a…
The Committee of Whole-Time Directors of Axis…
Axis Bank Limited, as Financial Creditor, filed a Section 7 application under the IBC, 2016, against Maa Chinnamasta Food Processors Private Limited (Corporate Debtor) for initiating CIRP due to default in repayment of credit facilities totaling INR 22,03,24,509.99/-. The Corporate Debtor contested the application on grounds of non-disbursement of a term loan, non-consideration of an MSME restructuring proposal, limitation, and lack of proper authorization for the Financial Creditor's application.
Axis Bank Limited (Financial Creditor) filed a Section 7 IBC petition against Maa Chinnamasta Food Processors Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP).
The Financial Creditor sanctioned various credit facilities, including Cash Credit I & II, Term Loan I & II, and Emergency Credit Line Guarantee Scheme-I, totaling INR 20,89,00,000/- to the Corporate Debtor.
The Corporate Debtor accepted the terms and conditions of the sanction letter dated 11.02.2021 via a Board Resolution on 20.02.2021.
Working Capital Loan and Term Loan agreements were executed on 24.02.2021 between the Corporate Debtor and the Financial Creditor.
…Axis Bank Limited's Board of Directors held a…
The Committee of Whole-Time Directors of Axis…