State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Metenere Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted in repaying ₹768,68,01,441 as of 14.05.2018. The Corporate Debtor argued against the admission of the petition, citing various reasons including the applicability of RBI circulars declared ultra vires by the Supreme Court, the company's commercial viability, and procedural irregularities.
State Bank of India (SBI), acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Metenere Limited, the Corporate Debtor. The Corporate Debtor had availed credit facilities from SBI and other banks in a consortium. As of 14.05.2018, the Corporate Debtor defaulted in repaying ₹768,68,01,441 to the creditor bank. The account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 28.07.2017. The Corporate Debtor argued that the petition was filed pursuant to an RBI circular dated 12.02.2018, which was later struck down by the Supreme Court in the Dharani Sugars case. The Corporate Debtor also contended that it was
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The account of the Corporate Debtor was…
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State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Metenere Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted in repaying ₹768,68,01,441 as of 14.05.2018. The Corporate Debtor argued against the admission of the petition, citing various reasons including the applicability of RBI circulars declared ultra vires by the Supreme Court, the company's commercial viability, and procedural irregularities.
State Bank of India (SBI), acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Metenere Limited, the Corporate Debtor. The Corporate Debtor had availed credit facilities from SBI and other banks in a consortium. As of 14.05.2018, the Corporate Debtor defaulted in repaying ₹768,68,01,441 to the creditor bank. The account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 28.07.2017. The Corporate Debtor argued that the petition was filed pursuant to an RBI circular dated 12.02.2018, which was later struck down by the Supreme Court in the Dharani Sugars case. The Corporate Debtor also contended that it was
…The account of the Corporate Debtor was…
Date of the RBI Circular which was later struck…