State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Giga Pipe Systems India Pvt. Ltd. due to a default of Rs. 45,06,15,949.53 as of 30.04.2025.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Giga Pipe Systems India Pvt. Ltd.
The Corporate Debtor defaulted on payments amounting to Rs. 45,06,15,949.53 as of 30.04.2025.
The Corporate Debtor was incorporated on 25.08.2020.
The Financial Creditor sanctioned various credit facilities to the Corporate Debtor, including Cash Credit, Letter of Credit, and Bank Guarantee.
The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) w.e.f. 31.07.2022.
The Financial Creditor issued a Loan Recall Notice dated 26.09.2022 calling upon the Corporate Debtor to make payment of the outstanding amount.
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The Corporate Debtor approached the Financial…
The Financial Creditor sanctioned various credit…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Giga Pipe Systems India Pvt. Ltd. due to a default of Rs. 45,06,15,949.53 as of 30.04.2025.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Giga Pipe Systems India Pvt. Ltd.
The Corporate Debtor defaulted on payments amounting to Rs. 45,06,15,949.53 as of 30.04.2025.
The Corporate Debtor was incorporated on 25.08.2020.
The Financial Creditor sanctioned various credit facilities to the Corporate Debtor, including Cash Credit, Letter of Credit, and Bank Guarantee.
The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) w.e.f. 31.07.2022.
The Financial Creditor issued a Loan Recall Notice dated 26.09.2022 calling upon the Corporate Debtor to make payment of the outstanding amount.
…The Corporate Debtor approached the Financial…
The Financial Creditor sanctioned various credit…