Martina Bio Genics Private Limited (Corporate Debtor) availed credit facilities from State Bank of India (Applicant), which subsequently became a Non-Performing Asset (NPA). Prior to this application, winding-up petitions were filed against the Corporate Debtor by Synchronise Scientific Glass Works Private Limited and Manish Kumar Jajodia before the High Court of Calcutta, leading to the appointment of an Official Liquidator. The High Court later transferred these winding-up proceedings to the National Company Law Tribunal (NCLT). State Bank of India, as a financial creditor, then filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP), citing the Official Liquidator's
…Martina Bio Genics Private Limited (Corporate Debtor) availed credit facilities from State Bank of India (Applicant).
The credit facilities were last reviewed, renewed, and enhanced on 04.02.2014.
The Corporate Debtor failed to repay the principal debt and interest, breaching the terms of sanction.
The Corporate Debtor's account was classified as NPA on 28.03.2015, with the date of default being 28.12.2014.
State Bank of India issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 12.07.2016.
Synchronise Scientific Glass Works Private Limited instituted Company Petition No. 347 of 2015 against the Corporate Debtor for winding up under the Companies Act, 1956.
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Credit facilities availed by the Corporate…
The date of default for…
Martina Bio Genics Private Limited (Corporate Debtor) availed credit facilities from State Bank of India (Applicant), which subsequently became a Non-Performing Asset (NPA). Prior to this application, winding-up petitions were filed against the Corporate Debtor by Synchronise Scientific Glass Works Private Limited and Manish Kumar Jajodia before the High Court of Calcutta, leading to the appointment of an Official Liquidator. The High Court later transferred these winding-up proceedings to the National Company Law Tribunal (NCLT). State Bank of India, as a financial creditor, then filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP), citing the Official Liquidator's
…Martina Bio Genics Private Limited (Corporate Debtor) availed credit facilities from State Bank of India (Applicant).
The credit facilities were last reviewed, renewed, and enhanced on 04.02.2014.
The Corporate Debtor failed to repay the principal debt and interest, breaching the terms of sanction.
The Corporate Debtor's account was classified as NPA on 28.03.2015, with the date of default being 28.12.2014.
State Bank of India issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 12.07.2016.
Synchronise Scientific Glass Works Private Limited instituted Company Petition No. 347 of 2015 against the Corporate Debtor for winding up under the Companies Act, 1956.
…Credit facilities availed by the Corporate…
The date of default for…