State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Advance Surfactants India Limited, referred to as the corporate debtor. The application was filed due to the corporate debtor's failure to repay outstanding dues. The applicant bank claimed a total default amount of Rs. 157,25,13,562.32 as of 22.07.2018, including principal and interest. The corporate debtor raised objections, arguing that the applicant had already filed a recovery application before the Debt Recovery Tribunal (DRT) and that there were disputed questions of fact. The applicant bank contended that the pendency of DRT proceedings was not a bar to initiating CIRP under Section 7 of
…State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Advance Surfactants India Limited, the Corporate Debtor. SBI claimed that the Corporate Debtor defaulted on loan repayments, with a total outstanding debt of Rs. 157,25,13,562.32 as of 22.07.2018, including principal and interest. SBI had sanctioned various credit facilities to the Corporate Debtor over time, including Cash Credit, Term Loans, and BG-RA. The Corporate Debtor had executed various loan and guarantee documents, including a Working Capital Consortium Agreement dated 13.02.2013. SBI, along with Yes Bank and IDBI Bank, formed a consortium that granted working capital facilities to the
…Sign in to view the parties.
The account of the…
The Petitioner (State Bank of India) issued a…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Advance Surfactants India Limited, referred to as the corporate debtor. The application was filed due to the corporate debtor's failure to repay outstanding dues. The applicant bank claimed a total default amount of Rs. 157,25,13,562.32 as of 22.07.2018, including principal and interest. The corporate debtor raised objections, arguing that the applicant had already filed a recovery application before the Debt Recovery Tribunal (DRT) and that there were disputed questions of fact. The applicant bank contended that the pendency of DRT proceedings was not a bar to initiating CIRP under Section 7 of
…State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Advance Surfactants India Limited, the Corporate Debtor. SBI claimed that the Corporate Debtor defaulted on loan repayments, with a total outstanding debt of Rs. 157,25,13,562.32 as of 22.07.2018, including principal and interest. SBI had sanctioned various credit facilities to the Corporate Debtor over time, including Cash Credit, Term Loans, and BG-RA. The Corporate Debtor had executed various loan and guarantee documents, including a Working Capital Consortium Agreement dated 13.02.2013. SBI, along with Yes Bank and IDBI Bank, formed a consortium that granted working capital facilities to the
…The account of the…
The Petitioner (State Bank of India) issued a…