Central Bank of India Limited, as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Ashwinikrishnaa Textiles Pvt Ltd. (Corporate Debtor), which acted as a Corporate Guarantor for Shri Vallabh Pittie South West Industries Ltd. (Principal Borrower). The Principal Borrower is already undergoing its own Corporate Insolvency Resolution Process (CIRP), and a resolution plan for it is currently pending approval by its Committee of Creditors (CoC). The Financial Creditor claimed a total debt of INR 53,94,00,000/- with an amount in default of Rs. 70,35,32,464.32. The Corporate Debtor raised several objections, including improper service of notice, the application being a recovery mechanism, wrongful NPA
…Central Bank of India Limited filed an application under Section 7 of the IBC, 2016, against M/s. Ashwinikrishnaa Textiles Pvt Ltd.
M/s. Ashwinikrishnaa Textiles Pvt Ltd. is a Corporate Guarantor for Shri Vallabh Pittie South West Industries Ltd. (Principal Borrower).
The application was affirmed by Mr. Rajeev Kumar Jha, Chief Manager of Central Bank of India, authorized by a power of attorney dated 08.10.2014.
The Corporate Debtor's CIN is U17111TZ2008PTC014199, incorporated on 06.02.2008, with its registered office in Coimbatore, Tamil Nadu.
Ms. Dipti Narayan Mundra (IBBI/IPA-001/IP-P-02845/2023-2024/14366) was named as the proposed Interim Resolution Professional (IRP).
The total debt granted by the Applicant under three loan facilities is INR 53,94,00,000/-.
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Mr. Rajeev Kumar Jha, Chief Manager of Central…
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Central Bank of India Limited, as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Ashwinikrishnaa Textiles Pvt Ltd. (Corporate Debtor), which acted as a Corporate Guarantor for Shri Vallabh Pittie South West Industries Ltd. (Principal Borrower). The Principal Borrower is already undergoing its own Corporate Insolvency Resolution Process (CIRP), and a resolution plan for it is currently pending approval by its Committee of Creditors (CoC). The Financial Creditor claimed a total debt of INR 53,94,00,000/- with an amount in default of Rs. 70,35,32,464.32. The Corporate Debtor raised several objections, including improper service of notice, the application being a recovery mechanism, wrongful NPA
…Central Bank of India Limited filed an application under Section 7 of the IBC, 2016, against M/s. Ashwinikrishnaa Textiles Pvt Ltd.
M/s. Ashwinikrishnaa Textiles Pvt Ltd. is a Corporate Guarantor for Shri Vallabh Pittie South West Industries Ltd. (Principal Borrower).
The application was affirmed by Mr. Rajeev Kumar Jha, Chief Manager of Central Bank of India, authorized by a power of attorney dated 08.10.2014.
The Corporate Debtor's CIN is U17111TZ2008PTC014199, incorporated on 06.02.2008, with its registered office in Coimbatore, Tamil Nadu.
Ms. Dipti Narayan Mundra (IBBI/IPA-001/IP-P-02845/2023-2024/14366) was named as the proposed Interim Resolution Professional (IRP).
The total debt granted by the Applicant under three loan facilities is INR 53,94,00,000/-.
…Mr. Rajeev Kumar Jha, Chief Manager of Central…
Copy of Sanctio…