State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Orissa Manganese & Minerals Ltd., a corporate debtor. SBI, through a Gazette notification dated 22/2/2017, acquired the business, including assets and liabilities, of State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore. SBI claimed default by Orissa Manganese & Minerals Ltd. The corporate debtor objected, citing a pending merger application before the Orissa High Court and ongoing restructuring discussions.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Orissa Manganese & Minerals Ltd. (OMML), claiming default on loan repayments. SBI had acquired the assets and liabilities of several associate banks through a Gazette notification dated 22/2/2017. SBI had granted various loans to OMML, and OMML had also taken obligations as a Co-Obligor/Co-Borrower for loans disbursed to AML. AML defaulted on these loans, triggering SBI's right to proceed against OMML. The outstanding amount on the account as of 31/5/2017 was Rs. 9,404,806,298.63. OMML objected, citing a pending merger application before the Orissa High Court, ongoing restructuring discussions with the Joint Lenders Forum (JLF), and the adequacy
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State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Orissa Manganese & Minerals Ltd., a corporate debtor. SBI, through a Gazette notification dated 22/2/2017, acquired the business, including assets and liabilities, of State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore. SBI claimed default by Orissa Manganese & Minerals Ltd. The corporate debtor objected, citing a pending merger application before the Orissa High Court and ongoing restructuring discussions.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Orissa Manganese & Minerals Ltd. (OMML), claiming default on loan repayments. SBI had acquired the assets and liabilities of several associate banks through a Gazette notification dated 22/2/2017. SBI had granted various loans to OMML, and OMML had also taken obligations as a Co-Obligor/Co-Borrower for loans disbursed to AML. AML defaulted on these loans, triggering SBI's right to proceed against OMML. The outstanding amount on the account as of 31/5/2017 was Rs. 9,404,806,298.63. OMML objected, citing a pending merger application before the Orissa High Court, ongoing restructuring discussions with the Joint Lenders Forum (JLF), and the adequacy
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