The case involves an application filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. Nexus Electro Steel Limited (Corporate Debtor). The application is based on the Corporate Debtor's alleged default in repaying an amount of Rs. 81,70,35,659.53 as of 29.01.2020, as per a DRT Order dated 29.01.2020. The Corporate Debtor had submitted a loan application on 30.08.2007 for availing credit facilities for business expansion. The Financial Creditor sanctioned credit facilities of Rs. 20 Crores (Fund Based Limit Rs. 15 Crores and Non-Fund Based
…M/s. State Bank of India (Financial Creditor) filed an application under Section 7 of the IBC against M/s. Nexus Electro Steel Limited (Corporate Debtor) for defaulting on a debt of Rs. 81,70,35,659.53 as of 29.01.2020. The Corporate Debtor had applied for a loan on 30.08.2007, and the Financial Creditor sanctioned Rs. 20 Crores on 21.11.2007 and 05.12.2007. The Corporate Debtor executed loan security documents. The credit facilities were enhanced to Rs. 64.70 Crore until 12.01.2017. The Corporate Debtor defaulted, leading to NPA classification and recall notice on 31.08.2017. A demand notice was issued on 25.01.2018 under SARFAESI Act. The Financial Creditor filed OA No. 170 of 2018 before DRT-I, Chennai. An earlier IBC application (IBA/796/2019) was withdrawn after a
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The case involves an application filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. Nexus Electro Steel Limited (Corporate Debtor). The application is based on the Corporate Debtor's alleged default in repaying an amount of Rs. 81,70,35,659.53 as of 29.01.2020, as per a DRT Order dated 29.01.2020. The Corporate Debtor had submitted a loan application on 30.08.2007 for availing credit facilities for business expansion. The Financial Creditor sanctioned credit facilities of Rs. 20 Crores (Fund Based Limit Rs. 15 Crores and Non-Fund Based
…M/s. State Bank of India (Financial Creditor) filed an application under Section 7 of the IBC against M/s. Nexus Electro Steel Limited (Corporate Debtor) for defaulting on a debt of Rs. 81,70,35,659.53 as of 29.01.2020. The Corporate Debtor had applied for a loan on 30.08.2007, and the Financial Creditor sanctioned Rs. 20 Crores on 21.11.2007 and 05.12.2007. The Corporate Debtor executed loan security documents. The credit facilities were enhanced to Rs. 64.70 Crore until 12.01.2017. The Corporate Debtor defaulted, leading to NPA classification and recall notice on 31.08.2017. A demand notice was issued on 25.01.2018 under SARFAESI Act. The Financial Creditor filed OA No. 170 of 2018 before DRT-I, Chennai. An earlier IBC application (IBA/796/2019) was withdrawn after a
…The Corporate Debtor…
The Financial Creditor sanctioned credit…