Corporation Bank filed a petition to initiate CIRP against Privilege Healthcare Services Private Limited, claiming a default of Rs. 30,19,13,435/-. Privilege Healthcare Services Private Limited, engaged in setting up healthcare facilities, had approached Corporation Bank for credit facilities. The bank sanctioned a Term Loan of Rs. 28.00 Crores and Import/Inland LC/Buyers credit of Rs. 77 Lac, totaling Rs. 28.77 Crores, sanctioned on 2016-03-19. Various loan and security documents were executed, including agreements, guarantees, and hypothecation deeds, all dated 2013-11-01. The Corporate Debtor failed to liquidate the dues despite reminders, leading to the account being classified as a Non-Performing Asset on 2016-03-31. A notice under Section 13(2) of the SARFAESI

Corporation Bank filed a petition to initiate CIRP against Privilege Healthcare Services Private Limited, claiming a default of Rs. 30,19,13,435/-. Privilege Healthcare Services Private Limited, engaged in setting up healthcare facilities, had approached Corporation Bank for credit facilities. The bank sanctioned a Term Loan of Rs. 28.00 Crores and Import/Inland LC/Buyers credit of Rs. 77 Lac, totaling Rs. 28.77 Crores, sanctioned on 2016-03-19. Various loan and security documents were executed, including agreements, guarantees, and hypothecation deeds, all dated 2013-11-01. The Corporate Debtor failed to liquidate the dues despite reminders, leading to the account being classified as a Non-Performing Asset on 2016-03-31. A notice under Section 13(2) of the SARFAESI