The State Bank of India, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ess Dee Aluminium Limited, the Corporate Debtor. The application was filed due to the Corporate Debtor's default in paying a financial debt of Rs. 4,69,84,98,431/-. The bank had granted and disbursed term loan and cash credit facilities to the Corporate Debtor, which were increased over time at the request of the Corporate Debtor. The loan account was declared NPA, and a notice under Section 13(2) of the SURFAESI Act, 2002, was served. The Corporate Debtor appeared in the matter but did not contest the proceedings.
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 Ess Dee Aluminium Limited. SBI claimed that Ess Dee Aluminium Limited defaulted on a financial debt of Rs. 4,69,84,98,431/-. SBI had granted and disbursed term loan and cash credit facilities to Ess Dee Aluminium Limited, initially amounting to Rs. 21.89 Crore in 2005. These facilities were increased over time, reaching Rs. 424.80 Crore by 29.03.2016. The loan account was declared a Non-Performing Asset (NPA). On 31.03.2017, Ess Dee Aluminium Limited admitted the debt but failed to pay. SBI served a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and
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SBI granted and disbursed term loan and cash…
The term loan and cash…
The State Bank of India, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ess Dee Aluminium Limited, the Corporate Debtor. The application was filed due to the Corporate Debtor's default in paying a financial debt of Rs. 4,69,84,98,431/-. The bank had granted and disbursed term loan and cash credit facilities to the Corporate Debtor, which were increased over time at the request of the Corporate Debtor. The loan account was declared NPA, and a notice under Section 13(2) of the SURFAESI Act, 2002, was served. The Corporate Debtor appeared in the matter but did not contest the proceedings.
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 Ess Dee Aluminium Limited. SBI claimed that Ess Dee Aluminium Limited defaulted on a financial debt of Rs. 4,69,84,98,431/-. SBI had granted and disbursed term loan and cash credit facilities to Ess Dee Aluminium Limited, initially amounting to Rs. 21.89 Crore in 2005. These facilities were increased over time, reaching Rs. 424.80 Crore by 29.03.2016. The loan account was declared a Non-Performing Asset (NPA). On 31.03.2017, Ess Dee Aluminium Limited admitted the debt but failed to pay. SBI served a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and
…SBI granted and disbursed term loan and cash…
The term loan and cash…