The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Bank of Baroda and State Bank of India, as financial creditors, against M/s. Kilburn Chemicals Limited, the corporate debtor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to a default in payment. The corporate debtor acknowledged the debt but raised concerns regarding the calculation of interest and penal charges. The financial creditors claimed that the corporate debtor's account was declared a Non-Performing Asset (NPA) due to breach of terms and conditions of loan agreements. The application was filed before the declaration of lockdown.
Bank of Baroda and State Bank of India, acting as financial creditors, jointly filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kilburn Chemicals Limited, the corporate debtor. The corporate debtor defaulted on payments totaling Rs. 208,89,62,561.80 as of 04/06/2020. The financial creditors had sanctioned credit facilities to the corporate debtor, including term loans and working capital, under a consortium banking arrangement. The corporate debtor's account was declared a Non-Performing Asset (NPA) by both banks in December 2018. The corporate debtor acknowledged the debt but disputed the calculation of interest and penal charges. The application was filed
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Applicant No. 1 (Bank…
Applicant No. 2 (State Bank of India)…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Bank of Baroda and State Bank of India, as financial creditors, against M/s. Kilburn Chemicals Limited, the corporate debtor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to a default in payment. The corporate debtor acknowledged the debt but raised concerns regarding the calculation of interest and penal charges. The financial creditors claimed that the corporate debtor's account was declared a Non-Performing Asset (NPA) due to breach of terms and conditions of loan agreements. The application was filed before the declaration of lockdown.
Bank of Baroda and State Bank of India, acting as financial creditors, jointly filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kilburn Chemicals Limited, the corporate debtor. The corporate debtor defaulted on payments totaling Rs. 208,89,62,561.80 as of 04/06/2020. The financial creditors had sanctioned credit facilities to the corporate debtor, including term loans and working capital, under a consortium banking arrangement. The corporate debtor's account was declared a Non-Performing Asset (NPA) by both banks in December 2018. The corporate debtor acknowledged the debt but disputed the calculation of interest and penal charges. The application was filed
…Applicant No. 1 (Bank…
Applicant No. 2 (State Bank of India)…