The South Indian Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sen Holding Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to outstanding dues.
The South Indian Bank Limited (Financial Creditor) filed a petition against Sen Holding Private Limited (Corporate Debtor) to recover outstanding dues of Rs 32,11,43,331.10.
Sen Holding Private Limited agreed to stand as guarantor for credit facilities obtained by Plastosen Limited.
The Financial Creditor addressed a letter to the Principal Borrower and sanctioned a credit facility of a limit up to Rs. 2,46,40,000/- on 20.12.2005.
The Corporate Debtor extended security limit to ₹6,61,12,288/- on 02.02.2006.
The principal borrower started defaulting in making repayments of the credit facilities, and the account was classified as Non-Performing Asset on 30.06.2006.
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A Foreign Bill Purchase Agreement was executed…
The Financial Creditor addressed a letter to…
The South Indian Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sen Holding Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to outstanding dues.
The South Indian Bank Limited (Financial Creditor) filed a petition against Sen Holding Private Limited (Corporate Debtor) to recover outstanding dues of Rs 32,11,43,331.10.
Sen Holding Private Limited agreed to stand as guarantor for credit facilities obtained by Plastosen Limited.
The Financial Creditor addressed a letter to the Principal Borrower and sanctioned a credit facility of a limit up to Rs. 2,46,40,000/- on 20.12.2005.
The Corporate Debtor extended security limit to ₹6,61,12,288/- on 02.02.2006.
The principal borrower started defaulting in making repayments of the credit facilities, and the account was classified as Non-Performing Asset on 30.06.2006.
…A Foreign Bill Purchase Agreement was executed…
The Financial Creditor addressed a letter to…