Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against SSJV Projects Private Limited due to a default of Rs. 412,59,38,084/- as of 31/08/2022.
Indian Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against SSJV Projects Private Limited.
The Corporate Debtor defaulted on a payment of Rs. 412,59,38,084/- as of 31/08/2022, with the date of default being 30/09/2010.
The Financial Creditor sanctioned loan facilities to the Corporate Debtor, including bank guarantees and letters of credit.
The Corporate Debtor's loan account was classified as NPA on 30/09/2010 due to irregularities and failure to regularize the account.
The Corporate Debtor submitted multiple One Time Settlement (OTS) proposals to the Financial Creditor, which were not accepted.
The Corporate Debtor's audited financial statements acknowledged the loan liability.
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Loan facilities classified as NPA due to…
Indian Bank fi…
Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against SSJV Projects Private Limited due to a default of Rs. 412,59,38,084/- as of 31/08/2022.
Indian Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against SSJV Projects Private Limited.
The Corporate Debtor defaulted on a payment of Rs. 412,59,38,084/- as of 31/08/2022, with the date of default being 30/09/2010.
The Financial Creditor sanctioned loan facilities to the Corporate Debtor, including bank guarantees and letters of credit.
The Corporate Debtor's loan account was classified as NPA on 30/09/2010 due to irregularities and failure to regularize the account.
The Corporate Debtor submitted multiple One Time Settlement (OTS) proposals to the Financial Creditor, which were not accepted.
The Corporate Debtor's audited financial statements acknowledged the loan liability.
…Loan facilities classified as NPA due to…
Indian Bank fi…