Maximus ARC Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against Sri Balaji Cement and Power Limited, citing default on financial debt.
The Corporate Debtor availed various credit facilities from HDFC Bank Ltd. aggregating to ₹22,04,90,000.
The Corporate Debtor's accounts were classified as Non-Performing Asset (NPA) on 06.12.2022 by HDFC Bank.
HDFC Bank assigned the debt to the Petitioner, Maximus ARC Limited, on 24.07.2024.
The Petitioner issued an Acquisition Notice to the respondent demanding repayment of ₹14,36,36,462.71 as on 31.05.2024.
The Corporate Debtor submitted an OTS proposal on 27.08.2024, which was rejected by the Petitioner on 30.08.2024.
The total amount outstanding as on 30.09.2024 was ₹15,24,59,174.
The Respondent Company was originally promoted by Late Sri Seth Lachhmandas along with his sons Sri Bal Krishan Mankani and Late Sri Ramakrishan Mankani.
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Maximus ARC Limited filed a petition under…
The default is stated…
Maximus ARC Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against Sri Balaji Cement and Power Limited, citing default on financial debt.
The Corporate Debtor availed various credit facilities from HDFC Bank Ltd. aggregating to ₹22,04,90,000.
The Corporate Debtor's accounts were classified as Non-Performing Asset (NPA) on 06.12.2022 by HDFC Bank.
HDFC Bank assigned the debt to the Petitioner, Maximus ARC Limited, on 24.07.2024.
The Petitioner issued an Acquisition Notice to the respondent demanding repayment of ₹14,36,36,462.71 as on 31.05.2024.
The Corporate Debtor submitted an OTS proposal on 27.08.2024, which was rejected by the Petitioner on 30.08.2024.
The total amount outstanding as on 30.09.2024 was ₹15,24,59,174.
The Respondent Company was originally promoted by Late Sri Seth Lachhmandas along with his sons Sri Bal Krishan Mankani and Late Sri Ramakrishan Mankani.
…Maximus ARC Limited filed a petition under…
The default is stated…