Canara Bank, as a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against Progressive Tradecom Private Limited, the Corporate Guarantor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) for credit facilities availed by M/s. Juhi Industries Private Limited (Principal Borrower) from a consortium of lenders, including Canara Bank. The Principal Borrower's loan account was classified as a Non-Performing Asset (NPA) on 30.03.2018, and the corporate guarantee provided by Progressive Tradecom Private Limited was subsequently invoked due to the Principal Borrower's failure to repay the outstanding dues.
Canara Bank, as a Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against Progressive Tradecom Private Limited, the Corporate Guarantor.
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) for credit facilities availed by M/s. Juhi Industries Private Limited (Principal Borrower).
Progressive Tradecom Private Limited is a private limited company incorporated on 26.02.2008.
M/s. Juhi Industries Private Limited availed credit facilities from a consortium of lenders including Bank of Baroda, Syndicate Bank (later merged with Canara Bank), and Canara Bank.
On 13.05.2014, the consortium sanctioned a Term Loan of Rs. 120.00 Crore to the Principal Borrower.
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Progressive Tradecom Private Limited…
A consortium of lenders sanctioned a Term Loan…
Canara Bank, as a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against Progressive Tradecom Private Limited, the Corporate Guarantor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) for credit facilities availed by M/s. Juhi Industries Private Limited (Principal Borrower) from a consortium of lenders, including Canara Bank. The Principal Borrower's loan account was classified as a Non-Performing Asset (NPA) on 30.03.2018, and the corporate guarantee provided by Progressive Tradecom Private Limited was subsequently invoked due to the Principal Borrower's failure to repay the outstanding dues.
Canara Bank, as a Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against Progressive Tradecom Private Limited, the Corporate Guarantor.
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) for credit facilities availed by M/s. Juhi Industries Private Limited (Principal Borrower).
Progressive Tradecom Private Limited is a private limited company incorporated on 26.02.2008.
M/s. Juhi Industries Private Limited availed credit facilities from a consortium of lenders including Bank of Baroda, Syndicate Bank (later merged with Canara Bank), and Canara Bank.
On 13.05.2014, the consortium sanctioned a Term Loan of Rs. 120.00 Crore to the Principal Borrower.
…Progressive Tradecom Private Limited…
A consortium of lenders sanctioned a Term Loan…