The case involves a petition filed by Bharat Tubes & Tin Printers (Financial Creditor) against BTT Industries Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor defaulted on a total amount of Rs. 30,21,44,084, including a principal amount of Rs. 26,97,71,504 and interest of Rs. 3,23,72,580. The Corporate Debtor had taken a cash credit and term loan from the State Bank of Hyderabad (SBH) for its commercial business purposes, for which the Financial Creditor provided a Corporate Guarantee and mortgaged its properties. The Corporate Debtor was unable to serve its debt, and the account became NPA in the books of SBH. The Financial Creditor agreed to help the Corporate Debtor settle the loan of SBH, and a
…Bharat Tubes & Tin Printers (Financial Creditor) filed a petition against BTT Industries Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor defaulted on a total amount of Rs. 30,21,44,084, which included a principal amount of Rs. 26,97,71,504 and interest of Rs. 3,23,72,580. The Corporate Debtor had taken a cash credit of Rs. 7,00,00,000, which was subsequently enhanced to Rs. 11,00,00,000, and a term loan of Rs. 16,00,00,000 from the State Bank of Hyderabad (SBH) in 2010 and 2011. The Financial Creditor provided a Corporate Guarantee and mortgaged its properties as security for the loan. The Corporate Debtor was unable to serve its debt, and the account became NPA in the books of SBH on 31.12.2013.
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Corporate Debtor…
Corporate Debtor…
The case involves a petition filed by Bharat Tubes & Tin Printers (Financial Creditor) against BTT Industries Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor defaulted on a total amount of Rs. 30,21,44,084, including a principal amount of Rs. 26,97,71,504 and interest of Rs. 3,23,72,580. The Corporate Debtor had taken a cash credit and term loan from the State Bank of Hyderabad (SBH) for its commercial business purposes, for which the Financial Creditor provided a Corporate Guarantee and mortgaged its properties. The Corporate Debtor was unable to serve its debt, and the account became NPA in the books of SBH. The Financial Creditor agreed to help the Corporate Debtor settle the loan of SBH, and a
…Bharat Tubes & Tin Printers (Financial Creditor) filed a petition against BTT Industries Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor defaulted on a total amount of Rs. 30,21,44,084, which included a principal amount of Rs. 26,97,71,504 and interest of Rs. 3,23,72,580. The Corporate Debtor had taken a cash credit of Rs. 7,00,00,000, which was subsequently enhanced to Rs. 11,00,00,000, and a term loan of Rs. 16,00,00,000 from the State Bank of Hyderabad (SBH) in 2010 and 2011. The Financial Creditor provided a Corporate Guarantee and mortgaged its properties as security for the loan. The Corporate Debtor was unable to serve its debt, and the account became NPA in the books of SBH on 31.12.2013.
…Corporate Debtor…
Corporate Debtor…