The case involves an application filed by Marutham Steel Industries Private Limited, the Corporate Applicant, under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant, incorporated in 1996, is engaged in the business of manufacturing steel. Indian Overseas Bank is the Financial Creditor in this matter. The Corporate Applicant had approached the bank for loans, which were granted between 2011 and 2013. The applicant defaulted on payments, leading the bank to issue a demand notice in 2014 under the SARFAESI Act. A previous petition filed by the Corporate Applicant before the NCLT, Chennai, was dismissed because it was filed by 'disqualified Directors'.
Marutham Steel Industries Private Limited, a company incorporated on 26.06.1996 and engaged in steel manufacturing, applied for Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Indian Overseas Bank is the financial creditor. The company had taken loans from the bank between 29.09.2011 and 30.12.2013, but defaulted on payments. The total debt raised from the bank was Rs. 9,86,00,000/-, with a default amount of Rs. 9,44,76,643/-. The bank issued a demand notice on 26.07.2014 under Section 13(2) of the SARFAESI Act, 2002. The company's operations were irregular, leading to its classification as a Non-Performing Asset (NPA) on 31.03.2014. A previous CIRP application filed on 28.08.2018 was dismissed because
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Marutham Steel…
Indian Overseas Bank…
The case involves an application filed by Marutham Steel Industries Private Limited, the Corporate Applicant, under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant, incorporated in 1996, is engaged in the business of manufacturing steel. Indian Overseas Bank is the Financial Creditor in this matter. The Corporate Applicant had approached the bank for loans, which were granted between 2011 and 2013. The applicant defaulted on payments, leading the bank to issue a demand notice in 2014 under the SARFAESI Act. A previous petition filed by the Corporate Applicant before the NCLT, Chennai, was dismissed because it was filed by 'disqualified Directors'.
Marutham Steel Industries Private Limited, a company incorporated on 26.06.1996 and engaged in steel manufacturing, applied for Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Indian Overseas Bank is the financial creditor. The company had taken loans from the bank between 29.09.2011 and 30.12.2013, but defaulted on payments. The total debt raised from the bank was Rs. 9,86,00,000/-, with a default amount of Rs. 9,44,76,643/-. The bank issued a demand notice on 26.07.2014 under Section 13(2) of the SARFAESI Act, 2002. The company's operations were irregular, leading to its classification as a Non-Performing Asset (NPA) on 31.03.2014. A previous CIRP application filed on 28.08.2018 was dismissed because
…Marutham Steel…
Indian Overseas Bank…