The Corporate Applicant, Agarwal Chem Products (India) Private Limited, filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own Corporate Insolvency Resolution Process (CIRP) due to financial stress and inability to repay debts.
The Corporate Applicant filed the petition under Section 10 of the IBC.
The Corporate Applicant is facing financial stress and is unable to repay its debts.
The amount in default is Rs. 11,25,59,152.09 as on 31.03.2024.
The Corporate Applicant was sanctioned a working capital limit of ₹17.26 crores by State Bank of India (SBI) on 27.04.2022.
The Corporate Applicant availed multiple loan facilities from Deutsche Bank.
The account of the Corporate Applicant was classified as NPA on 27.12.2022 by SBI.
SBI issued a notice under Section 13(2) of the SARFAESI Act on 11.01.2023 demanding repayment of ₹15,06,75,047.01.
The shareholders of the Corporate Applicant passed a Special Resolution authorizing the filing of the application under Section 10 of the IBC.
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The account of the Corporate Applicant was…
SBI issued a notice under Section 13(2) of…
The Corporate Applicant, Agarwal Chem Products (India) Private Limited, filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own Corporate Insolvency Resolution Process (CIRP) due to financial stress and inability to repay debts.
The Corporate Applicant filed the petition under Section 10 of the IBC.
The Corporate Applicant is facing financial stress and is unable to repay its debts.
The amount in default is Rs. 11,25,59,152.09 as on 31.03.2024.
The Corporate Applicant was sanctioned a working capital limit of ₹17.26 crores by State Bank of India (SBI) on 27.04.2022.
The Corporate Applicant availed multiple loan facilities from Deutsche Bank.
The account of the Corporate Applicant was classified as NPA on 27.12.2022 by SBI.
SBI issued a notice under Section 13(2) of the SARFAESI Act on 11.01.2023 demanding repayment of ₹15,06,75,047.01.
The shareholders of the Corporate Applicant passed a Special Resolution authorizing the filing of the application under Section 10 of the IBC.
…The account of the Corporate Applicant was…
SBI issued a notice under Section 13(2) of…