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, against Gee Pee Infotech Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). SBI claimed that Gee Pee Infotech defaulted on its loan repayments. The Corporate Debtor contested the application, arguing that it was not maintainable due to a pending winding-up petition and non-compliance with RBI circulars. The Financial Creditor argued that the Corporate Debtor's objections were intended to delay the process and that the pending winding-up proceedings did not bar the initiation of CIRP.
State Bank of India (SBI) extended loan and credit facilities to Gee Pee Infotech Private Limited. The Corporate Debtor requested credit proposal for Working Capital on 20-01-2006. SBI issued a sanction letter on 25-03-2006. The credit facilities were enhanced over time, with the last sanction on 15-03-2014. The Corporate Debtor failed to repay the principal and interest. SBI withdrew the credit facilities. A demand notice was issued on 02-08-2014. The account was classified as NPA on 10-01-2014. A Memorandum of Agreement of loan was executed on 01-04-2006. The Corporate Debtor executed various documents, including hypothecation and pledge agreements, and a deed of Guarantee was executed by six Guarantors. The Corporate Debtor requested renewal and enhancement of OCC
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Corporate Debtor…
Financial Creditor…
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, against Gee Pee Infotech Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). SBI claimed that Gee Pee Infotech defaulted on its loan repayments. The Corporate Debtor contested the application, arguing that it was not maintainable due to a pending winding-up petition and non-compliance with RBI circulars. The Financial Creditor argued that the Corporate Debtor's objections were intended to delay the process and that the pending winding-up proceedings did not bar the initiation of CIRP.
State Bank of India (SBI) extended loan and credit facilities to Gee Pee Infotech Private Limited. The Corporate Debtor requested credit proposal for Working Capital on 20-01-2006. SBI issued a sanction letter on 25-03-2006. The credit facilities were enhanced over time, with the last sanction on 15-03-2014. The Corporate Debtor failed to repay the principal and interest. SBI withdrew the credit facilities. A demand notice was issued on 02-08-2014. The account was classified as NPA on 10-01-2014. A Memorandum of Agreement of loan was executed on 01-04-2006. The Corporate Debtor executed various documents, including hypothecation and pledge agreements, and a deed of Guarantee was executed by six Guarantors. The Corporate Debtor requested renewal and enhancement of OCC
…Corporate Debtor…
Financial Creditor…