State Bank of India, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Buxa Dooars Tea Company (India) Limited, the Corporate Debtor. The Corporate Debtor had availed secured credit facilities from the Financial Creditor, which were renewed and enhanced over time. The Corporate Debtor defaulted on repayments, leading to its loan accounts being classified as Non-performing Assets on 14.03.2024. Despite demand notices issued by the Financial Creditor, the Corporate Debtor failed to pay the outstanding dues, which amounted to Rs. 9,03,57,078.00 as on 13.05.2025. The Corporate Debtor disputed the default, citing operational disruptions due to a
…State Bank of India is the Financial Creditor and Applicant.
Buxa Dooars Tea Company (India) Limited is the Corporate Debtor, a public limited company engaged in producing tea.
The Corporate Debtor approached the Financial Creditor for financial assistance, and secured credit facilities for Rs. 17.50 Crore were sanctioned on 18.08.2012.
Credit facilities were renewed, revived, and enhanced over time, with several security documents executed.
The Financial Creditor also granted a FITL facility of Rs. 34,49,510/- to the Corporate Debtor due to COVID-19 financial distress.
In 2023, the Corporate Debtor was sanctioned enhanced credit facilities of Rs. 7.07 Crores by State Bank of India on 31.03.2023.
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Financial Creditor approved and sanctioned…
Corporate Debtor was sanctioned credit…
State Bank of India, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Buxa Dooars Tea Company (India) Limited, the Corporate Debtor. The Corporate Debtor had availed secured credit facilities from the Financial Creditor, which were renewed and enhanced over time. The Corporate Debtor defaulted on repayments, leading to its loan accounts being classified as Non-performing Assets on 14.03.2024. Despite demand notices issued by the Financial Creditor, the Corporate Debtor failed to pay the outstanding dues, which amounted to Rs. 9,03,57,078.00 as on 13.05.2025. The Corporate Debtor disputed the default, citing operational disruptions due to a
…State Bank of India is the Financial Creditor and Applicant.
Buxa Dooars Tea Company (India) Limited is the Corporate Debtor, a public limited company engaged in producing tea.
The Corporate Debtor approached the Financial Creditor for financial assistance, and secured credit facilities for Rs. 17.50 Crore were sanctioned on 18.08.2012.
Credit facilities were renewed, revived, and enhanced over time, with several security documents executed.
The Financial Creditor also granted a FITL facility of Rs. 34,49,510/- to the Corporate Debtor due to COVID-19 financial distress.
In 2023, the Corporate Debtor was sanctioned enhanced credit facilities of Rs. 7.07 Crores by State Bank of India on 31.03.2023.
…Financial Creditor approved and sanctioned…
Corporate Debtor was sanctioned credit…