State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kaushik Global Logistics Limited, citing default on loan repayments.
State Bank of India granted loan and various credit facilities to Kaushik Global Logistics Limited since 3rd June, 2006.
The credit facilities were enhanced from time to time, with the limits last sanctioned on 29th November, 2012.
Kaushik Global Logistics Limited failed to repay the principal amount along with interest.
A demand notice dated 7th November, 2013 was issued to the Corporate Debtor.
The account was classified as Non-Performing Asset (NPA) on 30th June, 2013.
The principal amount due is Rs. 56,17,56,449.28 as on 30.10.2020, and the total amount outstanding including interest is Rs. 1,74,90,29,794/- as on 30.09.2020.
The Corporate Debtor made part payments towards an OTS proposal in November 2016.
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State Bank of India granted loan and…
The credit facilities were enhanced from time to…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kaushik Global Logistics Limited, citing default on loan repayments.
State Bank of India granted loan and various credit facilities to Kaushik Global Logistics Limited since 3rd June, 2006.
The credit facilities were enhanced from time to time, with the limits last sanctioned on 29th November, 2012.
Kaushik Global Logistics Limited failed to repay the principal amount along with interest.
A demand notice dated 7th November, 2013 was issued to the Corporate Debtor.
The account was classified as Non-Performing Asset (NPA) on 30th June, 2013.
The principal amount due is Rs. 56,17,56,449.28 as on 30.10.2020, and the total amount outstanding including interest is Rs. 1,74,90,29,794/- as on 30.09.2020.
The Corporate Debtor made part payments towards an OTS proposal in November 2016.
…State Bank of India granted loan and…
The credit facilities were enhanced from time to…