Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vitthal Corporation Ltd., seeking commencement of CIRP. The application pertains to a financial debt arising from credit facilities granted to farmers for sugarcane cultivation, with the corporate debtor acting as a guarantor.
Union Bank of India granted credit facilities of Rs. 30 crores to farmers for sugarcane cultivation under UGC Scheme.
Vitthal Corporation Ltd. provided a corporate guarantee dated 14.09.2016 for the said credit facilities.
The dates of default are stated as 31.01.2019 and 31.10.2019.
The total amount of claim in default as on 31.08.2025 is Rs. 46,81,83,292.69.
The loan accounts were classified as Non-Performing Assets (NPA) on 31.03.2021 and 30.04.2021.
The Corporate Debtor submitted a One Time Settlement (OTS) proposal on 12.05.2023, which was rejected.
The Financial Creditor invoked the guarantee vide a demand notice dated 14.12.2021.
The NCLT issued a notice dated 06.01.2026.
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Vitthal Corporation…
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Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vitthal Corporation Ltd., seeking commencement of CIRP. The application pertains to a financial debt arising from credit facilities granted to farmers for sugarcane cultivation, with the corporate debtor acting as a guarantor.
Union Bank of India granted credit facilities of Rs. 30 crores to farmers for sugarcane cultivation under UGC Scheme.
Vitthal Corporation Ltd. provided a corporate guarantee dated 14.09.2016 for the said credit facilities.
The dates of default are stated as 31.01.2019 and 31.10.2019.
The total amount of claim in default as on 31.08.2025 is Rs. 46,81,83,292.69.
The loan accounts were classified as Non-Performing Assets (NPA) on 31.03.2021 and 30.04.2021.
The Corporate Debtor submitted a One Time Settlement (OTS) proposal on 12.05.2023, which was rejected.
The Financial Creditor invoked the guarantee vide a demand notice dated 14.12.2021.
The NCLT issued a notice dated 06.01.2026.
…Vitthal Corporation…
One of the dates of…