This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi, which rejected an application filed by Getz Cables Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, and allowed an application under Section 65 of the IBC filed by the State Bank of India (SBI). The NCLT imposed a penalty of Rs. 1,00,000 on the Appellant, Getz Cables, for allegedly filing the Section 10 application with malicious and fraudulent intent to delay recovery proceedings initiated by SBI. The appellant, Getz Cables, is the Corporate Guarantor for the principal borrower, M/s Shivpriya Cables Pvt. Ltd. who availed loan facilities from SBI and Northern ARC Capital Limited. SBI initiated SARFAESI proceedings against the
…M/s Shivpriya Cables Pvt. Ltd. (Principal Borrower) availed fund-based and non-fund-based loan facilities of Rs.19,77,00,000/- from State Bank of India (SBI), with Getz Cables Private Limited (Appellant) providing a Corporate Guarantee. The Principal Borrower also availed a credit facility of Rs.1,64,59,163/- from Northern ARC Capital Ltd., with the Appellant providing a Corporate Guarantee on 30.07.2019. The Principal Borrower availed enhancement facilities from SBI, with sanctioned facilities totaling Rs.42,58,00,000/- as of 16.10.2015. On 04.08.2022, the loan account of Shivpriya Cables was classified as Non-Performing Asset (NPA) by SBI. Northern ARC issued a notice invoking the Corporate Guarantee on 23.01.2023, demanding payment of Rs.1,64,59,163/-. SBI initiated
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Sanctioned facilities…
Appellant executed a…
This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi, which rejected an application filed by Getz Cables Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, and allowed an application under Section 65 of the IBC filed by the State Bank of India (SBI). The NCLT imposed a penalty of Rs. 1,00,000 on the Appellant, Getz Cables, for allegedly filing the Section 10 application with malicious and fraudulent intent to delay recovery proceedings initiated by SBI. The appellant, Getz Cables, is the Corporate Guarantor for the principal borrower, M/s Shivpriya Cables Pvt. Ltd. who availed loan facilities from SBI and Northern ARC Capital Limited. SBI initiated SARFAESI proceedings against the
…M/s Shivpriya Cables Pvt. Ltd. (Principal Borrower) availed fund-based and non-fund-based loan facilities of Rs.19,77,00,000/- from State Bank of India (SBI), with Getz Cables Private Limited (Appellant) providing a Corporate Guarantee. The Principal Borrower also availed a credit facility of Rs.1,64,59,163/- from Northern ARC Capital Ltd., with the Appellant providing a Corporate Guarantee on 30.07.2019. The Principal Borrower availed enhancement facilities from SBI, with sanctioned facilities totaling Rs.42,58,00,000/- as of 16.10.2015. On 04.08.2022, the loan account of Shivpriya Cables was classified as Non-Performing Asset (NPA) by SBI. Northern ARC issued a notice invoking the Corporate Guarantee on 23.01.2023, demanding payment of Rs.1,64,59,163/-. SBI initiated
…Sanctioned facilities…
Appellant executed a…