State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for the initiation of Corporate Insolvency Resolution Process (CIRP) against Priknit Retails Limited, the Corporate Debtor. The application was filed due to the Corporate Debtor's default in repayment of loan installments. The Corporate Debtor was sanctioned credit facilities on 20.09.2008 and 30.01.2009. The loan accounts were declared NPA on 31.03.2009. The bank had also filed an original application with the Debt Recovery Tribunal (DRT-I), Chandigarh, and a recovery certificate was issued. The Corporate Debtor raised the issue of limitation, stating that the debt was granted in 2008 and exceeded the limitation period of 3 years.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Priknit Retails Limited. SBI had sanctioned credit facilities to Priknit Retails Limited on 20.09.2008 and 30.01.2009. These facilities included Cash Credit, Term Loans, and other credit lines. The loan accounts of Priknit Retails Limited were declared Non-Performing Assets (NPA) on 31.03.2009 due to default in repayment of installments. SBI also initiated recovery proceedings before the Debt Recovery Tribunal (DRT-I), Chandigarh, where a recovery certificate was issued on 21.07.2016. The outstanding amount as on 08.10.2011 was ₹113,37,34,402/- inclusive of interest. Priknit Retails Limited argued
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State Bank of India…
State Bank of India…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for the initiation of Corporate Insolvency Resolution Process (CIRP) against Priknit Retails Limited, the Corporate Debtor. The application was filed due to the Corporate Debtor's default in repayment of loan installments. The Corporate Debtor was sanctioned credit facilities on 20.09.2008 and 30.01.2009. The loan accounts were declared NPA on 31.03.2009. The bank had also filed an original application with the Debt Recovery Tribunal (DRT-I), Chandigarh, and a recovery certificate was issued. The Corporate Debtor raised the issue of limitation, stating that the debt was granted in 2008 and exceeded the limitation period of 3 years.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Priknit Retails Limited. SBI had sanctioned credit facilities to Priknit Retails Limited on 20.09.2008 and 30.01.2009. These facilities included Cash Credit, Term Loans, and other credit lines. The loan accounts of Priknit Retails Limited were declared Non-Performing Assets (NPA) on 31.03.2009 due to default in repayment of installments. SBI also initiated recovery proceedings before the Debt Recovery Tribunal (DRT-I), Chandigarh, where a recovery certificate was issued on 21.07.2016. The outstanding amount as on 08.10.2011 was ₹113,37,34,402/- inclusive of interest. Priknit Retails Limited argued
…State Bank of India…
State Bank of India…