Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pallishree Limited, citing default on credit facilities.
Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Pallishree Limited, the Corporate Debtor, availed credit facilities from the Financial Creditor.
On 29.05.2021, the Financial Creditor issued a sanction letter for revised credit facilities.
The Corporate Debtor executed loan and security documents on 28.01.2022, including a Working capital consortium agreement.
The Corporate Debtor started defaulting in the repayment of the credit facilities.
The Financial Creditor classified the account of the Corporate Debtor as Non-Performing Assets (NPA) on 18.06.2023.
The date of default is 18.06.2023, and the total amount of debt is Rs.74,23,22,131.25/- as on 14.09.2023.
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Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pallishree Limited, citing default on credit facilities.
Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Pallishree Limited, the Corporate Debtor, availed credit facilities from the Financial Creditor.
On 29.05.2021, the Financial Creditor issued a sanction letter for revised credit facilities.
The Corporate Debtor executed loan and security documents on 28.01.2022, including a Working capital consortium agreement.
The Corporate Debtor started defaulting in the repayment of the credit facilities.
The Financial Creditor classified the account of the Corporate Debtor as Non-Performing Assets (NPA) on 18.06.2023.
The date of default is 18.06.2023, and the total amount of debt is Rs.74,23,22,131.25/- as on 14.09.2023.
…Financial Creditor…
Corporate Debtor…