State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Meena Jewellers & Diamonds Private Limited, seeking the commencement of Corporate Insolvency Resolution Process (CIRP). The petition was based on the corporate debtor's default in repaying a debt of Rs. 87,20,01,096.07 as of August 31, 2018. The corporate debtor had initially approached Vijaya Bank for financial assistance but later approached State Bank of India. The corporate debtor admitted to facing financial difficulties due to various factors, including unhealthy competition, non-receipt of debts from dealers, global recession, demonetization, imposition of excise duty, and closure of shops due to national strikes.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Meena Jewellers & Diamonds Private Limited. SBI claimed that Meena Jewellers defaulted on a debt of Rs. 87,20,01,096.07 as of August 31, 2018. The debt was originally sanctioned on January 19, 2016, for Rs. 68,00,00,000.00. Meena Jewellers was incorporated under the Companies Act, 1956, and is engaged in the business of retailing jewelry, founded in 2007. SBI had issued a notice dated February 1, 2017, under Section 12(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), demanding Rs. 74,35,58,832.55 as of January 31, 2017. Meena Jewellers admitted to facing financial
…Sign in to view the parties.
State Bank of…
Meena Jewellers &…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Meena Jewellers & Diamonds Private Limited, seeking the commencement of Corporate Insolvency Resolution Process (CIRP). The petition was based on the corporate debtor's default in repaying a debt of Rs. 87,20,01,096.07 as of August 31, 2018. The corporate debtor had initially approached Vijaya Bank for financial assistance but later approached State Bank of India. The corporate debtor admitted to facing financial difficulties due to various factors, including unhealthy competition, non-receipt of debts from dealers, global recession, demonetization, imposition of excise duty, and closure of shops due to national strikes.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Meena Jewellers & Diamonds Private Limited. SBI claimed that Meena Jewellers defaulted on a debt of Rs. 87,20,01,096.07 as of August 31, 2018. The debt was originally sanctioned on January 19, 2016, for Rs. 68,00,00,000.00. Meena Jewellers was incorporated under the Companies Act, 1956, and is engaged in the business of retailing jewelry, founded in 2007. SBI had issued a notice dated February 1, 2017, under Section 12(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), demanding Rs. 74,35,58,832.55 as of January 31, 2017. Meena Jewellers admitted to facing financial
…State Bank of…
Meena Jewellers &…