State Bank of India (SBI) and Power Finance Corporation Limited (PFC) filed CP(IB) No.22/7/HDB/2018 and CP(IB) No.23/7/HDB/2018 respectively under Section 7 of the IBC Code 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against East Coast Energy Private Limited. The petitions were filed due to defaults in financial debts owed to SBI and PFC. A key issue raised by the Corporate Debtor was the maintainability of the petitions due to questions regarding the authority of the individuals filing the petitions on behalf of SBI and PFC.
State Bank of India (SBI) and Power Finance Corporation Limited (PFC) filed separate petitions, CP(IB) No.22/7/HDB/2018 and CP(IB) No.23/7/HDB/2018 respectively, under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against East Coast Energy Private Limited, citing defaults in financial debts. SBI claimed an outstanding amount of Rs. 952.19 crores, while PFC claimed Rs. 1371.5 crores. The Corporate Debtor contested the petitions, arguing that the individuals filing on behalf of SBI and PFC lacked proper authorization. SBI's petition was filed through Mr. A. Srinivas, AGM, authorized by a letter of authority from the Dy. General Manager. PFC's petition was filed through Mr. Praveen Verma, DGM, authorized
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PFC's Board of Directors passed a resolution…
In the 364th meeting of the Board of Directors…
State Bank of India (SBI) and Power Finance Corporation Limited (PFC) filed CP(IB) No.22/7/HDB/2018 and CP(IB) No.23/7/HDB/2018 respectively under Section 7 of the IBC Code 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against East Coast Energy Private Limited. The petitions were filed due to defaults in financial debts owed to SBI and PFC. A key issue raised by the Corporate Debtor was the maintainability of the petitions due to questions regarding the authority of the individuals filing the petitions on behalf of SBI and PFC.
State Bank of India (SBI) and Power Finance Corporation Limited (PFC) filed separate petitions, CP(IB) No.22/7/HDB/2018 and CP(IB) No.23/7/HDB/2018 respectively, under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against East Coast Energy Private Limited, citing defaults in financial debts. SBI claimed an outstanding amount of Rs. 952.19 crores, while PFC claimed Rs. 1371.5 crores. The Corporate Debtor contested the petitions, arguing that the individuals filing on behalf of SBI and PFC lacked proper authorization. SBI's petition was filed through Mr. A. Srinivas, AGM, authorized by a letter of authority from the Dy. General Manager. PFC's petition was filed through Mr. Praveen Verma, DGM, authorized
…PFC's Board of Directors passed a resolution…
In the 364th meeting of the Board of Directors…