This case involves a petition filed by Standard Chartered Bank Limited, a financial creditor, against K.K Welding Limited, a corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against K.K Welding Limited due to a default in loan repayment. The financial creditor claims a total default of ₹30,55,73,479.17/- including interest, as of 28.02.2019. The petitioner sanctioned a loan in accordance with the Facility Letter dated 10.07.2017 for a sum of ₹27,50,00,000/-. Hypothecation agreements were entered into on 01.09.2006 and 20.03.2012, and the charge was registered with the ROC on 27.05.2015.
Standard Chartered Bank Limited (the Petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against K.K Welding Limited (the Respondent/Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Petitioner claimed a total default of ₹30,55,73,479.17/- including interest as of 28.02.2019. The Petitioner had sanctioned a loan to the Respondent in accordance with a Facility Letter dated 10.07.2017 for ₹27,50,00,000/-. Hypothecation agreements were executed on 01.09.2006 and 20.03.2012, and the charge was registered with the ROC on 27.05.2015. The Respondent defaulted in making payments on 31.01.2018, leading the Petitioner to declare the Respondent's account as a Non-Performing Asset (NPA) on 01.05.2018.
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This case involves a petition filed by Standard Chartered Bank Limited, a financial creditor, against K.K Welding Limited, a corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against K.K Welding Limited due to a default in loan repayment. The financial creditor claims a total default of ₹30,55,73,479.17/- including interest, as of 28.02.2019. The petitioner sanctioned a loan in accordance with the Facility Letter dated 10.07.2017 for a sum of ₹27,50,00,000/-. Hypothecation agreements were entered into on 01.09.2006 and 20.03.2012, and the charge was registered with the ROC on 27.05.2015.
Standard Chartered Bank Limited (the Petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against K.K Welding Limited (the Respondent/Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Petitioner claimed a total default of ₹30,55,73,479.17/- including interest as of 28.02.2019. The Petitioner had sanctioned a loan to the Respondent in accordance with a Facility Letter dated 10.07.2017 for ₹27,50,00,000/-. Hypothecation agreements were executed on 01.09.2006 and 20.03.2012, and the charge was registered with the ROC on 27.05.2015. The Respondent defaulted in making payments on 31.01.2018, leading the Petitioner to declare the Respondent's account as a Non-Performing Asset (NPA) on 01.05.2018.
…The Petitioner and the…
The Petitioner and the…