State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bilpower Limited, citing an unresolved financial debt of Rs. 4,651,564,453.53. The Corporate Debtor had approached the Financial Creditor for financial facilities, leading to multiple loan agreements and sanction letters over several years. The Financial Creditor also issued a legal notice and initiated proceedings under the SARFAESI Act and before the Debt Recovery Tribunal.
State Bank of India (Financial Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Bilpower Limited (Corporate Debtor) due to an outstanding financial debt of Rs. 4,651,564,453.53. The Corporate Debtor had approached the Financial Creditor for financial facilities, resulting in multiple loan agreements from 2005 to 2013. The Corporate Debtor issued guarantees and executed hypothecation agreements. The Financial Creditor issued a legal notice on January 17, 2014, and a notice under Section 13(2) of the SARFAESI Act on February 14, 2014. An Original Application was filed before the Debt Recovery Tribunal. The Debt Recovery Tribunal passed orders in 2014, 2015, and 2016. The Corporate Debtor's balance sheets for the years ending
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Corporate Debtor approached the Applicant and…
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State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bilpower Limited, citing an unresolved financial debt of Rs. 4,651,564,453.53. The Corporate Debtor had approached the Financial Creditor for financial facilities, leading to multiple loan agreements and sanction letters over several years. The Financial Creditor also issued a legal notice and initiated proceedings under the SARFAESI Act and before the Debt Recovery Tribunal.
State Bank of India (Financial Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Bilpower Limited (Corporate Debtor) due to an outstanding financial debt of Rs. 4,651,564,453.53. The Corporate Debtor had approached the Financial Creditor for financial facilities, resulting in multiple loan agreements from 2005 to 2013. The Corporate Debtor issued guarantees and executed hypothecation agreements. The Financial Creditor issued a legal notice on January 17, 2014, and a notice under Section 13(2) of the SARFAESI Act on February 14, 2014. An Original Application was filed before the Debt Recovery Tribunal. The Debt Recovery Tribunal passed orders in 2014, 2015, and 2016. The Corporate Debtor's balance sheets for the years ending
…Corporate Debtor approached the Applicant and…
Applicant had entered…
Sign in to view related legal provisions.