The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B(AAA) Rules, 2016, by Suraksh RaviKumar, the Petitioner/Financial Creditor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Murugarajendra Oil Industry Private Limited, the Respondent/Corporate Debtor. The Corporate Debtor allegedly defaulted on a payment of Rs. 13,73,57,001/- which includes principal amount and interest. The consortium of State Bank of Mysore and State Bank of Travancore had executed a Working Capital Consortium Agreement dated 11.05.2012 in favour of Corporate Debtor sanctioning working capital facility, of Rs.34.50 Crores towards cash credit and Rs.140.25 Crores towards non-fund
…Suraksh RaviKumar, the Petitioner/Financial Creditor, filed a petition under Section 7 of the IBC, 2016, seeking to initiate CIRP against M/s. Sri Murugarajendra Oil Industry Private Limited, the Respondent/Corporate Debtor, due to a default of Rs. 13,73,57,001/-. A consortium of State Bank of Mysore and State Bank of Travancore had extended working capital facilities to the Corporate Debtor, with the Petitioner acting as a guarantor and mortgaging properties to the banks. The Corporate Debtor defaulted on repayments, leading the banks to issue notices to the Petitioner. The Petitioner paid Rs. 12,68,76,643/- to Edelweiss Asset Re-construction Company Ltd. and requested the Corporate Debtor to repay this amount, but the Corporate Debtor expressed inability to do so.
…Sign in to view the parties.
Consortium of State Bank of Mysore and State…
Notice issued to the Petitioner under…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B(AAA) Rules, 2016, by Suraksh RaviKumar, the Petitioner/Financial Creditor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Murugarajendra Oil Industry Private Limited, the Respondent/Corporate Debtor. The Corporate Debtor allegedly defaulted on a payment of Rs. 13,73,57,001/- which includes principal amount and interest. The consortium of State Bank of Mysore and State Bank of Travancore had executed a Working Capital Consortium Agreement dated 11.05.2012 in favour of Corporate Debtor sanctioning working capital facility, of Rs.34.50 Crores towards cash credit and Rs.140.25 Crores towards non-fund
…Suraksh RaviKumar, the Petitioner/Financial Creditor, filed a petition under Section 7 of the IBC, 2016, seeking to initiate CIRP against M/s. Sri Murugarajendra Oil Industry Private Limited, the Respondent/Corporate Debtor, due to a default of Rs. 13,73,57,001/-. A consortium of State Bank of Mysore and State Bank of Travancore had extended working capital facilities to the Corporate Debtor, with the Petitioner acting as a guarantor and mortgaging properties to the banks. The Corporate Debtor defaulted on repayments, leading the banks to issue notices to the Petitioner. The Petitioner paid Rs. 12,68,76,643/- to Edelweiss Asset Re-construction Company Ltd. and requested the Corporate Debtor to repay this amount, but the Corporate Debtor expressed inability to do so.
…Consortium of State Bank of Mysore and State…
Notice issued to the Petitioner under…