State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Bharath Infra Exports and Imports Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default on a total outstanding amount of ₹146,93,93,281.78 as of 31.01.2019. The corporate debtor contested the application, citing disputes over account statements, illegal debits, and pending proceedings before other forums. The NCLT is tasked with determining whether a default has occurred and whether CIRP should be initiated.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Bharath Infra Exports and Imports Limited, claiming a default of ₹146,93,93,281.78 as of 31.01.2019. SBI had sanctioned fund-based and non-fund-based credit facilities to the Corporate Debtor, including financial assistance, enhancements, and working capital limits. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 17.01.2017. The Corporate Debtor contested the petition, alleging that SBI had filed the application based on an imaginary occurrence of default and unilateral entries in account statements. The Corporate Debtor also claimed that SBI illegally transferred ₹2.03
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State Bank of I…
Bharath Infra Exports…
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Bharath Infra Exports and Imports Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default on a total outstanding amount of ₹146,93,93,281.78 as of 31.01.2019. The corporate debtor contested the application, citing disputes over account statements, illegal debits, and pending proceedings before other forums. The NCLT is tasked with determining whether a default has occurred and whether CIRP should be initiated.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Bharath Infra Exports and Imports Limited, claiming a default of ₹146,93,93,281.78 as of 31.01.2019. SBI had sanctioned fund-based and non-fund-based credit facilities to the Corporate Debtor, including financial assistance, enhancements, and working capital limits. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 17.01.2017. The Corporate Debtor contested the petition, alleging that SBI had filed the application based on an imaginary occurrence of default and unilateral entries in account statements. The Corporate Debtor also claimed that SBI illegally transferred ₹2.03
…State Bank of I…
Bharath Infra Exports…