The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Dr. S.K. Srihari Raju (Financial Creditor) against Leesa Lifesciences Private Limited (Corporate Debtor). The Corporate Debtor was allotted a plot of land by TSIIC for setting up a manufacturing unit, for which it obtained financial facilities from the State Bank of India. The Corporate Debtor defaulted on its repayment obligations, leading the lender to classify the account as a non-performing asset and initiate recovery proceedings under the SARFAESI Act. Subsequently, a One Time Settlement (OTS) scheme was proposed, and the Financial Creditor paid a portion of the OTS amount on behalf of the Corporate Debtor. An Agreement of Sale was entered into between
…1. Leesa Lifesciences Private Limited (Corporate Debtor) was allotted a plot of land (Plot No. P-2) by Andhra Pradesh Industrial Infrastructure Corporation Limited (now Telangana Industrial Infrastructure Corporation Limited-TSIIC) for setting up a manufacturing unit.
2. The Corporate Debtor obtained financial facilities of Rs. 21.50 crores from the State Bank of India for civil works and purchase of machinery.
3. The Corporate Debtor defaulted in repaying the facilities, leading the lender to classify the account as a non-performing asset and initiate recovery proceedings under the SARFAESI Act on 2012-11-30.
4. The lender filed an application u/s 19 of the RDDB Act with the Debts Recovery Tribunal at Hyderabad on 2014-07-23 for recovery of Rs. 23.37 crores.
5. A One Time
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Corporate Debtor approached the State Bank of…
Registered deed of sale dated November 13,…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Dr. S.K. Srihari Raju (Financial Creditor) against Leesa Lifesciences Private Limited (Corporate Debtor). The Corporate Debtor was allotted a plot of land by TSIIC for setting up a manufacturing unit, for which it obtained financial facilities from the State Bank of India. The Corporate Debtor defaulted on its repayment obligations, leading the lender to classify the account as a non-performing asset and initiate recovery proceedings under the SARFAESI Act. Subsequently, a One Time Settlement (OTS) scheme was proposed, and the Financial Creditor paid a portion of the OTS amount on behalf of the Corporate Debtor. An Agreement of Sale was entered into between
…1. Leesa Lifesciences Private Limited (Corporate Debtor) was allotted a plot of land (Plot No. P-2) by Andhra Pradesh Industrial Infrastructure Corporation Limited (now Telangana Industrial Infrastructure Corporation Limited-TSIIC) for setting up a manufacturing unit.
2. The Corporate Debtor obtained financial facilities of Rs. 21.50 crores from the State Bank of India for civil works and purchase of machinery.
3. The Corporate Debtor defaulted in repaying the facilities, leading the lender to classify the account as a non-performing asset and initiate recovery proceedings under the SARFAESI Act on 2012-11-30.
4. The lender filed an application u/s 19 of the RDDB Act with the Debts Recovery Tribunal at Hyderabad on 2014-07-23 for recovery of Rs. 23.37 crores.
5. A One Time
Corporate Debtor approached the State Bank of…
Registered deed of sale dated November 13,…