CFM Asset Reconstruction Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Sri Munisuvrata Agri International Limited (Corporate Debtor). The debt originated from working capital consortium agreements with various banks, including Standard Chartered Bank (predecessor-in-interest to the FC), which provided credit facilities to the Corporate Debtor. The Corporate Debtor allegedly defaulted on repayments, leading to its account being declared an NPA and the debt being assigned to the Financial Creditor. The Corporate Debtor contested the application, citing contradictions in default dates, the application falling within the Section 10A period, and previous dismissals of CIRP petitions against it,
…CFM Asset Reconstruction Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Sri Munisuvrata Agri International Limited (Corporate Debtor).
A working capital consortium agreement was entered into on December 7, 2006, between the Corporate Debtor and five banks for a maximum principal limit of Rs. 103 crores.
On September 22, 2008, a supplemental consortium agreement included four other banks, including the predecessor-in-interest of the present Financial Creditor (Standard Chartered Bank).
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A working capital consortium agreement was…
A supplemental consortium agreement…
CFM Asset Reconstruction Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Sri Munisuvrata Agri International Limited (Corporate Debtor). The debt originated from working capital consortium agreements with various banks, including Standard Chartered Bank (predecessor-in-interest to the FC), which provided credit facilities to the Corporate Debtor. The Corporate Debtor allegedly defaulted on repayments, leading to its account being declared an NPA and the debt being assigned to the Financial Creditor. The Corporate Debtor contested the application, citing contradictions in default dates, the application falling within the Section 10A period, and previous dismissals of CIRP petitions against it,
…CFM Asset Reconstruction Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Sri Munisuvrata Agri International Limited (Corporate Debtor).
A working capital consortium agreement was entered into on December 7, 2006, between the Corporate Debtor and five banks for a maximum principal limit of Rs. 103 crores.
On September 22, 2008, a supplemental consortium agreement included four other banks, including the predecessor-in-interest of the present Financial Creditor (Standard Chartered Bank).
…A working capital consortium agreement was…
A supplemental consortium agreement…