The case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) by the Adjudicating Authority. The Corporate Debtor, Corporate Power Limited, had availed loan facilities from a consortium of lenders for setting up a coal-based plant. The Corporate Debtor failed to repay the dues, leading to the State Bank of India issuing a loan recall notice. Subsequently, the lenders assigned the debt to Asset Reconstruction Company (India) Ltd, the Financial Creditor, who then filed for initiation of CIRP against the Corporate Debtor. The Corporate Debtor contested the application, raising issues of limitation and lack of cause of action.
Corporate Power Limited (Corporate Debtor) availed loan facilities from a consortium of lenders, including Infrastructure Finance Co. Ltd., State Bank of Hyderabad, State Bank of Bikaner & Jaipur, State Bank of India, State Bank of Patiala, and State Bank of Travancore, for setting up a 1080 MW coal-based plant. The loan amount aggregated to Rs. 2175 crore for Phase-I and Rs. 2387 crore for Phase-II. The Corporate Debtor failed to repay the dues under the facilities. State Bank of India issued a loan recall notice on March 27, 2015, which was replied to by the Corporate Debtor on March 28, 2015. The Consortium Lenders issued notices on June 20, 2015, under Section 13(2) of the SARFAESI Act, 2002, demanding Rs. 5997.80 crore. The Banks assigned the debt to Asset
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State Bank of India…
State Bank of India…
The case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) by the Adjudicating Authority. The Corporate Debtor, Corporate Power Limited, had availed loan facilities from a consortium of lenders for setting up a coal-based plant. The Corporate Debtor failed to repay the dues, leading to the State Bank of India issuing a loan recall notice. Subsequently, the lenders assigned the debt to Asset Reconstruction Company (India) Ltd, the Financial Creditor, who then filed for initiation of CIRP against the Corporate Debtor. The Corporate Debtor contested the application, raising issues of limitation and lack of cause of action.
Corporate Power Limited (Corporate Debtor) availed loan facilities from a consortium of lenders, including Infrastructure Finance Co. Ltd., State Bank of Hyderabad, State Bank of Bikaner & Jaipur, State Bank of India, State Bank of Patiala, and State Bank of Travancore, for setting up a 1080 MW coal-based plant. The loan amount aggregated to Rs. 2175 crore for Phase-I and Rs. 2387 crore for Phase-II. The Corporate Debtor failed to repay the dues under the facilities. State Bank of India issued a loan recall notice on March 27, 2015, which was replied to by the Corporate Debtor on March 28, 2015. The Consortium Lenders issued notices on June 20, 2015, under Section 13(2) of the SARFAESI Act, 2002, demanding Rs. 5997.80 crore. The Banks assigned the debt to Asset
…State Bank of India…
State Bank of India…