Canara Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SLS Power Limited due to outstanding dues of Rs. 62,55,18,592.72.
Canara Bank Limited filed an application under Section 7 of the IBC to initiate CIRP against SLS Power Limited.
The application was filed due to a default of Rs. 62,55,18,592.72, including interest, as of 31.03.2025.
SLS Power Limited argued that the debt was not due due to pending OTS proposals and a Writ Petition against a DRT order.
The loan account was classified as NPA on 02.07.2018.
The Financial Creditor had sanctioned credit facilities aggregating to Rs.23.25 crore to the Corporate Debtor.
The Corporate Debtor had submitted One-Time Settlement (OTS) letters to the Financial Creditor.
The Financial Creditor filed Original Application numbered as 659/2019 before the Hon'ble Debts Recovery Tribunal (DRT) at Visakhapatnam, which is currently pending.
…Sign in to view the parties.
Canara Bank Limited…
The NCLT admitted the…
Canara Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SLS Power Limited due to outstanding dues of Rs. 62,55,18,592.72.
Canara Bank Limited filed an application under Section 7 of the IBC to initiate CIRP against SLS Power Limited.
The application was filed due to a default of Rs. 62,55,18,592.72, including interest, as of 31.03.2025.
SLS Power Limited argued that the debt was not due due to pending OTS proposals and a Writ Petition against a DRT order.
The loan account was classified as NPA on 02.07.2018.
The Financial Creditor had sanctioned credit facilities aggregating to Rs.23.25 crore to the Corporate Debtor.
The Corporate Debtor had submitted One-Time Settlement (OTS) letters to the Financial Creditor.
The Financial Creditor filed Original Application numbered as 659/2019 before the Hon'ble Debts Recovery Tribunal (DRT) at Visakhapatnam, which is currently pending.
…Canara Bank Limited…
The NCLT admitted the…