This is an appeal against the order dated 01.09.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) in CP(IB) No. 06/MP/2019, which admitted an application under Section 7 of the IBC filed by Kotak Mahindra Bank Ltd (KMBL) against Gwalior Polypipes Ltd, initiating the Corporate Insolvency Resolution Process (CIRP). The appeal was filed by the erstwhile Director of the Corporate Debtor, Mr. Sanil Prakash Sahu.
State Bank of India (SBI) granted financial assistance to Gwalior Polypipes Ltd from 1984, which was renewed/enhanced/reduced over time. SBI sanctioned credit facilities aggregating to Rs.3.95 crores on 02.02.2002. The Corporate Debtor executed an Agreement of Hypothecation of Goods and Assets in favor of the Financial Creditor. The Corporate Debtor was declared NPA in 2001 for failing to pay interest. SBI issued a Legal Notice on 18.08.2003 recalling the loan facility and filed an application before DRT in 2004. SBI assigned the debt to Kotak Mahindra Bank Ltd (KMBL) on 16.01.2006. DRT passed an order on 15.03.2007 directing the Corporate Debtor to pay Rs.1.81 crore and issued an Interim Recovery Certificate. KMBL issued a Demand Notice under Section 13(2) of the
…Sign in to view the parties.
State Bank of India (SBI) granted financial…
SBI sanctioned credit…
This is an appeal against the order dated 01.09.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) in CP(IB) No. 06/MP/2019, which admitted an application under Section 7 of the IBC filed by Kotak Mahindra Bank Ltd (KMBL) against Gwalior Polypipes Ltd, initiating the Corporate Insolvency Resolution Process (CIRP). The appeal was filed by the erstwhile Director of the Corporate Debtor, Mr. Sanil Prakash Sahu.
State Bank of India (SBI) granted financial assistance to Gwalior Polypipes Ltd from 1984, which was renewed/enhanced/reduced over time. SBI sanctioned credit facilities aggregating to Rs.3.95 crores on 02.02.2002. The Corporate Debtor executed an Agreement of Hypothecation of Goods and Assets in favor of the Financial Creditor. The Corporate Debtor was declared NPA in 2001 for failing to pay interest. SBI issued a Legal Notice on 18.08.2003 recalling the loan facility and filed an application before DRT in 2004. SBI assigned the debt to Kotak Mahindra Bank Ltd (KMBL) on 16.01.2006. DRT passed an order on 15.03.2007 directing the Corporate Debtor to pay Rs.1.81 crore and issued an Interim Recovery Certificate. KMBL issued a Demand Notice under Section 13(2) of the
…State Bank of India (SBI) granted financial…
SBI sanctioned credit…