Canara Bank, as a Financial Creditor, filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Citron Infraprojects Limited, the Corporate Debtor. The Corporate Debtor had provided corporate guarantees for credit facilities availed by its Principal Borrower, M/s Shrivallabh Pittie Industries Ltd., from a consortium of banks, including Canara Bank. The Principal Borrower defaulted on 30.03.2022, and its accounts were classified as NPA on 28.06.2022. A recall notice was issued to the Corporate Debtor on 17.03.2023, demanding payment of Rs. 77.22 Crores, which remained unpaid. The Corporate Debtor contended that the application was barred by limitation, prematurely filed given a pending resolution plan
…Canara Bank, as a Financial Creditor, filed C.P. (IB) No.1225/MB/2025 on 05.11.2025 under Section 7 of the IBC, 2016, against M/s Citron Infraprojects Limited.
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Citron Infraprojects Limited, the Corporate Debtor.
The application was affirmed by Mr. Dheerendra Kumar Chaudhary, the authorised signatory of Canara Bank.
The total amount claimed to be in default is Rs.119,64,40,125.82/- as of 31.08.2025.
M/s Citron Infraprojects Limited (Corporate Debtor) executed Corporate Guarantees for credit facilities availed by M/s Shrivallabh Pittie Industries Ltd. (Principal Borrower).
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A Term Loan facility of Rs. 275 Crores was…
Board Resolutio…
Canara Bank, as a Financial Creditor, filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Citron Infraprojects Limited, the Corporate Debtor. The Corporate Debtor had provided corporate guarantees for credit facilities availed by its Principal Borrower, M/s Shrivallabh Pittie Industries Ltd., from a consortium of banks, including Canara Bank. The Principal Borrower defaulted on 30.03.2022, and its accounts were classified as NPA on 28.06.2022. A recall notice was issued to the Corporate Debtor on 17.03.2023, demanding payment of Rs. 77.22 Crores, which remained unpaid. The Corporate Debtor contended that the application was barred by limitation, prematurely filed given a pending resolution plan
…Canara Bank, as a Financial Creditor, filed C.P. (IB) No.1225/MB/2025 on 05.11.2025 under Section 7 of the IBC, 2016, against M/s Citron Infraprojects Limited.
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Citron Infraprojects Limited, the Corporate Debtor.
The application was affirmed by Mr. Dheerendra Kumar Chaudhary, the authorised signatory of Canara Bank.
The total amount claimed to be in default is Rs.119,64,40,125.82/- as of 31.08.2025.
M/s Citron Infraprojects Limited (Corporate Debtor) executed Corporate Guarantees for credit facilities availed by M/s Shrivallabh Pittie Industries Ltd. (Principal Borrower).
…A Term Loan facility of Rs. 275 Crores was…
Board Resolutio…