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 filed an application under Section 7 of the IBC to initiate CIRP against M/s S.A Plywood Industry Private Limited.
The Corporate Debtor defaulted in repayment 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.
The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act 2002 on 31st May 2023.
The applicant bank granted Cash Credit facility for an amount of Rs. 7,50,00,000/- and Term Loan facility for an amount of Rs. 2,61,10,967/-.
The first date of default is 01.01.2023 when the Special Mention Account(SMA) was classified as Non Performing Assets.
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Corporate constituted under the Banking…
The Respondent Company M/s S.A Plywood…
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 filed an application under Section 7 of the IBC to initiate CIRP against M/s S.A Plywood Industry Private Limited.
The Corporate Debtor defaulted in repayment 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.
The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act 2002 on 31st May 2023.
The applicant bank granted Cash Credit facility for an amount of Rs. 7,50,00,000/- and Term Loan facility for an amount of Rs. 2,61,10,967/-.
The first date of default is 01.01.2023 when the Special Mention Account(SMA) was classified as Non Performing Assets.
…Corporate constituted under the Banking…
The Respondent Company M/s S.A Plywood…