This case involves an appeal against an order dated 04.09.2019, where an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was admitted by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench, Kolkata) filed by State Bank of India (Financial Creditor) against Sungrowth Share and Stocks Limited (Corporate Guarantor) due to a default by the Corporate Debtor (M/s Adhunik Alloys & Power Limited). Adhunik Alloys & Power Limited was already undergoing Corporate Insolvency Resolution Process (CIRP) since 23.08.2017. State Bank of India had also submitted its claim in those proceedings.
M/s Adhunik Alloys & Power Limited defaulted on a financial debt of Rs. 63,04,53,226/-. State Bank of India, as a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sungrowth Share and Stocks Limited, the corporate guarantor, for recovery of Rs. 30 Crores. Sungrowth stood as a guarantor vide Deed of Guarantee dated 23.09.2011. M/s Adhunik Alloys & Power Limited was already undergoing Corporate Insolvency Resolution Process (CIRP) since 23.08.2017. Sungrowth was registered as a non-banking financial institution (NBFC) with the Reserve Bank of India (RBI) under registration no. B.05.03435, issued on 28.03.2001. The Section 7 application was filed on 08.06.2018. Sungrowth's NBFC certificate was
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Corporate Insolvency Resolution Process (CIRP)…
Sungrowth i…
This case involves an appeal against an order dated 04.09.2019, where an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was admitted by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench, Kolkata) filed by State Bank of India (Financial Creditor) against Sungrowth Share and Stocks Limited (Corporate Guarantor) due to a default by the Corporate Debtor (M/s Adhunik Alloys & Power Limited). Adhunik Alloys & Power Limited was already undergoing Corporate Insolvency Resolution Process (CIRP) since 23.08.2017. State Bank of India had also submitted its claim in those proceedings.
M/s Adhunik Alloys & Power Limited defaulted on a financial debt of Rs. 63,04,53,226/-. State Bank of India, as a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sungrowth Share and Stocks Limited, the corporate guarantor, for recovery of Rs. 30 Crores. Sungrowth stood as a guarantor vide Deed of Guarantee dated 23.09.2011. M/s Adhunik Alloys & Power Limited was already undergoing Corporate Insolvency Resolution Process (CIRP) since 23.08.2017. Sungrowth was registered as a non-banking financial institution (NBFC) with the Reserve Bank of India (RBI) under registration no. B.05.03435, issued on 28.03.2001. The Section 7 application was filed on 08.06.2018. Sungrowth's NBFC certificate was
…Corporate Insolvency Resolution Process (CIRP)…
Sungrowth i…