The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Coastal Projects Ltd. The application was filed due to the corporate debtor's default in making a payment of Rs. 975,27,33,040.53. The applicant bank claimed that the corporate debtor had taken various financial credit facilities and withdrawn money, leading to the default. The bank also submitted documents, including a copy of the recall notice for sacrifices and concessions granted under a Master Restructuring Agreement, and a report from CRILC indicating the corporate debtor's account status as Substandard and Doubtful.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Coastal Projects Ltd. SBI claimed that Coastal Projects Ltd. defaulted on a payment of Rs. 975,27,33,040.53. SBI, incorporated on July 1, 1955, under the State Bank of India Act, 1955, included merged entities like State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner, and Jaipur, effective from April 1, 2017. SBI submitted that it had granted credit facilities to Coastal Projects Ltd., including fund-based facilities aggregating to Rs. 919,68,00,000/- and non-fund-based instruments aggregating to Rs. 422,21,00,000/-. SBI revoked and recalled all sacrifices, concessions,
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The State Bank of India…
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The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Coastal Projects Ltd. The application was filed due to the corporate debtor's default in making a payment of Rs. 975,27,33,040.53. The applicant bank claimed that the corporate debtor had taken various financial credit facilities and withdrawn money, leading to the default. The bank also submitted documents, including a copy of the recall notice for sacrifices and concessions granted under a Master Restructuring Agreement, and a report from CRILC indicating the corporate debtor's account status as Substandard and Doubtful.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Coastal Projects Ltd. SBI claimed that Coastal Projects Ltd. defaulted on a payment of Rs. 975,27,33,040.53. SBI, incorporated on July 1, 1955, under the State Bank of India Act, 1955, included merged entities like State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner, and Jaipur, effective from April 1, 2017. SBI submitted that it had granted credit facilities to Coastal Projects Ltd., including fund-based facilities aggregating to Rs. 919,68,00,000/- and non-fund-based instruments aggregating to Rs. 422,21,00,000/-. SBI revoked and recalled all sacrifices, concessions,
…The State Bank of India…
State Bank of India is…