The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by State Bank of India (the Financial Creditor) against M/s Feeders Electric & Engineering Limited (the Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed working capital facilities from a consortium of lenders, including State Bank of India. The Corporate Debtor defaulted in making payments, leading to its account being classified as a non-performing asset (NPA).
State Bank of India, acting as the Financial Creditor, filed a petition against M/s Feeders Electric & Engineering Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed working capital facilities from a consortium of lenders, including State Bank of India. The total sanctioned capital was Rs. 1435 Crores, with State Bank of India's share being Rs. 730 Crores. The Corporate Debtor defaulted in making payments, leading to its account being classified as a non-performing asset (NPA) on 2018-07-11. The Financial Creditor sent legal demand notices to the Corporate Debtor, but the Corporate Debtor failed to liquidate the outstanding amount. As of 2019-01-31, the amount claimed by the Financial
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M/s Feeders El…
Corporate Debtor created security on first Pari…
The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by State Bank of India (the Financial Creditor) against M/s Feeders Electric & Engineering Limited (the Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed working capital facilities from a consortium of lenders, including State Bank of India. The Corporate Debtor defaulted in making payments, leading to its account being classified as a non-performing asset (NPA).
State Bank of India, acting as the Financial Creditor, filed a petition against M/s Feeders Electric & Engineering Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed working capital facilities from a consortium of lenders, including State Bank of India. The total sanctioned capital was Rs. 1435 Crores, with State Bank of India's share being Rs. 730 Crores. The Corporate Debtor defaulted in making payments, leading to its account being classified as a non-performing asset (NPA) on 2018-07-11. The Financial Creditor sent legal demand notices to the Corporate Debtor, but the Corporate Debtor failed to liquidate the outstanding amount. As of 2019-01-31, the amount claimed by the Financial
…M/s Feeders El…
Corporate Debtor created security on first Pari…