The case involves an application filed by the Director of Dev Cotex Pvt. Ltd., Bharatbhai Vrajalbhai Selani, under the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The company's registered office is in Gondal, Rajkot District, Gujarat, with a paid-up share capital of Rs. 3,00,00,000. The State Bank of India is mentioned as the 'Financial Creditor' in Part-III of Form-6, along with four other 'Operational Creditors'. The Corporate Applicant stated that the company defaulted on a financial debt of Rs. 10,02,49,309.00 to the State Bank of India and Rs. 2,54,69,506/- to Operational Creditors.
Dev Cotex Pvt. Ltd. filed an application under the Insolvency and Bankruptcy Code, 2016, authorized by its Director, Bharatbhai Vrajalbhai Selani, via a Board Resolution dated April 21, 2017. The company's registered office is in Gondal, Rajkot, Gujarat, with a paid-up share capital of Rs. 3,00,00,000. The company defaulted on financial debt to State Bank of India (SBI) amounting to Rs. 10,02,49,309.00 and to Operational Creditors amounting to Rs. 2,54,69,506.00. SBI had issued a notice under Section 13(2) of the SARFAESI Act on August 22, 2016, demanding repayment of Rs. 10,94,81,521.29. SBI also issued another notice on August 29, 2016, stating that the account was classified as 'NPA' on March 31, 2016. SBI filed Original Application No. 495 of 2016 before the Debt
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The case involves an application filed by the Director of Dev Cotex Pvt. Ltd., Bharatbhai Vrajalbhai Selani, under the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The company's registered office is in Gondal, Rajkot District, Gujarat, with a paid-up share capital of Rs. 3,00,00,000. The State Bank of India is mentioned as the 'Financial Creditor' in Part-III of Form-6, along with four other 'Operational Creditors'. The Corporate Applicant stated that the company defaulted on a financial debt of Rs. 10,02,49,309.00 to the State Bank of India and Rs. 2,54,69,506/- to Operational Creditors.
Dev Cotex Pvt. Ltd. filed an application under the Insolvency and Bankruptcy Code, 2016, authorized by its Director, Bharatbhai Vrajalbhai Selani, via a Board Resolution dated April 21, 2017. The company's registered office is in Gondal, Rajkot, Gujarat, with a paid-up share capital of Rs. 3,00,00,000. The company defaulted on financial debt to State Bank of India (SBI) amounting to Rs. 10,02,49,309.00 and to Operational Creditors amounting to Rs. 2,54,69,506.00. SBI had issued a notice under Section 13(2) of the SARFAESI Act on August 22, 2016, demanding repayment of Rs. 10,94,81,521.29. SBI also issued another notice on August 29, 2016, stating that the account was classified as 'NPA' on March 31, 2016. SBI filed Original Application No. 495 of 2016 before the Debt
…State Bank of India classified the account of…
State Bank of India issued a notice under…