State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Krishidhan Seeds Pvt Ltd to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the grounds that the corporate debtor defaulted in paying a financial debt of Rs. 1,89,41,55,485/-. The corporate debtor's loan account was declared a Non-Performing Asset (NPA) on 10.06.2014. The application was filed on 19.09.2018.
State Bank of India (SBI), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Krishidhan Seeds Pvt Ltd, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The basis for the application was the corporate debtor's default in paying a financial debt of Rs. 1,89,41,55,485/-. The loan was sanctioned via various letters dated 01.12.2006. The corporate debtor's loan account was declared a Non-Performing Asset (NPA) on 10.06.2014. SBI filed the Section 7 application on 19.09.2018. The corporate debtor argued that the application was time-barred, as it was filed more than three years after the date of default. SBI contended that the limitation period was extended because the
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State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Krishidhan Seeds Pvt Ltd to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the grounds that the corporate debtor defaulted in paying a financial debt of Rs. 1,89,41,55,485/-. The corporate debtor's loan account was declared a Non-Performing Asset (NPA) on 10.06.2014. The application was filed on 19.09.2018.
State Bank of India (SBI), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Krishidhan Seeds Pvt Ltd, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The basis for the application was the corporate debtor's default in paying a financial debt of Rs. 1,89,41,55,485/-. The loan was sanctioned via various letters dated 01.12.2006. The corporate debtor's loan account was declared a Non-Performing Asset (NPA) on 10.06.2014. SBI filed the Section 7 application on 19.09.2018. The corporate debtor argued that the application was time-barred, as it was filed more than three years after the date of default. SBI contended that the limitation period was extended because the
…Financial Creditor granted and disbursed term…
The Corporate Debtor's…