The case involves a petition filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oil Country Tubular Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had provided cash credit limits and bank guarantees to the Corporate Debtor. The Corporate Debtor faced operational and marketing issues, leading to restructuring discussions and an eventual OTS proposal, which was not fulfilled.
State Bank of India (SBI), the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Oil Country Tubular Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). SBI had extended credit facilities to Oil Country Tubular Limited, including a cash credit limit of ₹45 Crores and a bank guarantee of ₹37 Crores. The limits were originally sanctioned in 1989 and last renewed on 27.10.2015. The total claim amount was ₹53,84,89,580.48, with the date of default being 31.12.2015, and the account was declared Non-Performing Asset (NPA) on 01.04.2016. Oil Country Tubular Limited faced operational and marketing issues, leading to discussions for restructuring the loan accounts. The
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The cash credit limits…
The last renewal of the…
The case involves a petition filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oil Country Tubular Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had provided cash credit limits and bank guarantees to the Corporate Debtor. The Corporate Debtor faced operational and marketing issues, leading to restructuring discussions and an eventual OTS proposal, which was not fulfilled.
State Bank of India (SBI), the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Oil Country Tubular Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). SBI had extended credit facilities to Oil Country Tubular Limited, including a cash credit limit of ₹45 Crores and a bank guarantee of ₹37 Crores. The limits were originally sanctioned in 1989 and last renewed on 27.10.2015. The total claim amount was ₹53,84,89,580.48, with the date of default being 31.12.2015, and the account was declared Non-Performing Asset (NPA) on 01.04.2016. Oil Country Tubular Limited faced operational and marketing issues, leading to discussions for restructuring the loan accounts. The
…The cash credit limits…
The last renewal of the…