Central Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s S.A Plywood Industry Private Limited, the corporate debtor.
Central Bank of India sanctioned credit facilities to M/s S.A Plywood Industries Private Limited on 31st January 2012, which were enhanced over time.
The financial assistance was renewed on 19th October 2019, with a reduced financial limit.
The applicant bank restructured the loan in the form of Funded Interest Term Loan and Working Capital Term Loan on 28th September 2021.
The Corporate Debtor defaulted in re-payment of the Term Loan account for a continuous period of 90 days with effect from 1st January 2023 to 31st March 2023.
The loan accounts were classified as non-performing asset as per IRAC Norms and guidelines on 31st March 2023.
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Central Bank of India…
Financial assistance…
Central Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s S.A Plywood Industry Private Limited, the corporate debtor.
Central Bank of India sanctioned credit facilities to M/s S.A Plywood Industries Private Limited on 31st January 2012, which were enhanced over time.
The financial assistance was renewed on 19th October 2019, with a reduced financial limit.
The applicant bank restructured the loan in the form of Funded Interest Term Loan and Working Capital Term Loan on 28th September 2021.
The Corporate Debtor defaulted in re-payment of the Term Loan account for a continuous period of 90 days with effect from 1st January 2023 to 31st March 2023.
The loan accounts were classified as non-performing asset as per IRAC Norms and guidelines on 31st March 2023.
…Central Bank of India…
Financial assistance…