The case involves an application filed by State Bank of India (SBI), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B (AAA) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Deepak Cables (India) Ltd., the Corporate Debtor. SBI, along with State Bank of Mysore, had sanctioned loans to the Corporate Debtor. The Corporate Debtor's operations became strained, leading to a request for restructuring of credit facilities, which was approved. However, the Corporate Debtor failed to make payments, leading to the application for CIRP. The Tribunal allowed an amendment to the Company Petition after some errors were found.
State Bank of India (SBI), acting as the Financial Creditor, filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Deepak Cables (India) Ltd., the Corporate Debtor. SBI, along with State Bank of Mysore, had previously sanctioned loans to the Corporate Debtor, amounting to Rs. 374 crores and Rs. 209 crores respectively. The Corporate Debtor hypothecated movable and immovable properties in favor of the Bank. Due to operational strain, the Corporate Debtor requested and received a restructuring of credit facilities, formalized through a Master Restructuring Agreement (MRA) executed on June 30, 2014. Despite the restructuring, the Corporate Debtor failed to make payments on the principal amount and interest. As of December 1, 2017, the
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The case involves an application filed by State Bank of India (SBI), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B (AAA) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Deepak Cables (India) Ltd., the Corporate Debtor. SBI, along with State Bank of Mysore, had sanctioned loans to the Corporate Debtor. The Corporate Debtor's operations became strained, leading to a request for restructuring of credit facilities, which was approved. However, the Corporate Debtor failed to make payments, leading to the application for CIRP. The Tribunal allowed an amendment to the Company Petition after some errors were found.
State Bank of India (SBI), acting as the Financial Creditor, filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Deepak Cables (India) Ltd., the Corporate Debtor. SBI, along with State Bank of Mysore, had previously sanctioned loans to the Corporate Debtor, amounting to Rs. 374 crores and Rs. 209 crores respectively. The Corporate Debtor hypothecated movable and immovable properties in favor of the Bank. Due to operational strain, the Corporate Debtor requested and received a restructuring of credit facilities, formalized through a Master Restructuring Agreement (MRA) executed on June 30, 2014. Despite the restructuring, the Corporate Debtor failed to make payments on the principal amount and interest. As of December 1, 2017, the
…State Bank of India…
Deepak Cables…