The case involves an application filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. K.R.R. Infra Projects Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had defaulted on its loan obligations, leading to the classification of the loan accounts as Non-Performing Assets (NPAs). The Financial Creditor had also obtained a judgment from the Debt Recovery Tribunal (DRT) against the Corporate Debtor.
The Corporate Debtor, initially a partnership firm, availed both Fund based and Non-Fund based Working Capital Loan Facilities from the Financial Creditor from 2006 onwards. The Financial Creditor sanctioned cash credit to the tune of Rs.5 Crore at an interest of 13.75% p.a. The Corporate Debtor further approached the Financial Creditor requesting sanction of additional loan facilities to the tune of Rs.1.18 Crore. The Corporate Debtor was converted into a Private Limited Company with consent of its partners and passed a Board Resolution dated 24.8.2009 resolving to take over the liability of said partnership firm. The Corporate Debtor again approached the Financial Creditor requesting additional facilities, and enhancement of existing loan facilities. The FC enhanced
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The Corporate Debtor availed both Fund based…
The Corporate Debtor passed a Board Resolution…
The case involves an application filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. K.R.R. Infra Projects Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had defaulted on its loan obligations, leading to the classification of the loan accounts as Non-Performing Assets (NPAs). The Financial Creditor had also obtained a judgment from the Debt Recovery Tribunal (DRT) against the Corporate Debtor.
The Corporate Debtor, initially a partnership firm, availed both Fund based and Non-Fund based Working Capital Loan Facilities from the Financial Creditor from 2006 onwards. The Financial Creditor sanctioned cash credit to the tune of Rs.5 Crore at an interest of 13.75% p.a. The Corporate Debtor further approached the Financial Creditor requesting sanction of additional loan facilities to the tune of Rs.1.18 Crore. The Corporate Debtor was converted into a Private Limited Company with consent of its partners and passed a Board Resolution dated 24.8.2009 resolving to take over the liability of said partnership firm. The Corporate Debtor again approached the Financial Creditor requesting additional facilities, and enhancement of existing loan facilities. The FC enhanced
…The Corporate Debtor availed both Fund based…
The Corporate Debtor passed a Board Resolution…