The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. Jyoti Limited. The application was filed jointly by Central Bank of India and State Bank of India, who are financial creditors. Rare Asset Reconstruction Ltd. filed an intervention petition (Inv. P. No. 79 of 2018) during the pendency of the main petition, seeking rejection of the main application based on acquiring a significant portion of the corporate debtor's debt.
M/s. Jyoti Limited, a public limited company, is the corporate debtor. Central Bank of India and State Bank of India jointly filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Jyoti Limited. The corporate debtor availed credit facilities from a consortium of banks, including Central Bank of India, Dena Bank, Bank of Maharashtra, and State Bank of India. The total debt sanctioned by Central Bank of India was Rs. 481.71 crores, and by State Bank of India was Rs. 48.58 crores. The date of default for Central Bank of India was 29.09.2015, and for State Bank of India, it was 25.02.2013. State Bank of India had also filed O.A. No. 1189 of 2017 before the Debts Recovery Tribunal-II at Ahmedabad. The corporate debtor
…Sign in to view the parties.
Cut-off date for…
The Corporate Debt…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. Jyoti Limited. The application was filed jointly by Central Bank of India and State Bank of India, who are financial creditors. Rare Asset Reconstruction Ltd. filed an intervention petition (Inv. P. No. 79 of 2018) during the pendency of the main petition, seeking rejection of the main application based on acquiring a significant portion of the corporate debtor's debt.
M/s. Jyoti Limited, a public limited company, is the corporate debtor. Central Bank of India and State Bank of India jointly filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Jyoti Limited. The corporate debtor availed credit facilities from a consortium of banks, including Central Bank of India, Dena Bank, Bank of Maharashtra, and State Bank of India. The total debt sanctioned by Central Bank of India was Rs. 481.71 crores, and by State Bank of India was Rs. 48.58 crores. The date of default for Central Bank of India was 29.09.2015, and for State Bank of India, it was 25.02.2013. State Bank of India had also filed O.A. No. 1189 of 2017 before the Debts Recovery Tribunal-II at Ahmedabad. The corporate debtor
…Cut-off date for…
The Corporate Debt…