The case involves a petition filed by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Raj Rayon Industries Ltd, the Corporate Debtor. SBI, as a financial creditor, claimed that the Corporate Debtor defaulted on its loan repayments. SBI had sanctioned term loans and working capital loans to Raj Rayon Industries Ltd starting from 1999, which were restructured and renewed over time. The Corporate Debtor was classified as a Non-Performing Asset (NPA) on 30.11.2013.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Raj Rayon Industries Ltd, the Corporate Debtor. SBI claimed that Raj Rayon Industries Ltd defaulted on loan repayments. SBI had sanctioned term loans and working capital loans to Raj Rayon Industries Ltd starting from 07.04.1999. The outstanding amount, including interest, as of 31.03.2019, was Rs.13320164736 (Principal outstanding amount Rs.6391606199 + interest of Rs.6928558537). These loans were being renewed and restructured from time to time. The Corporate Debtor was classified as NPA on 30.11.2013. The date of default is 30.11.2013. Balance Confirmation letter was issued by the Respondent to the Petitioner on 08.08.2016. The Last transaction is on
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Petitioner Bank…
The Corporate Debtor…
The case involves a petition filed by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Raj Rayon Industries Ltd, the Corporate Debtor. SBI, as a financial creditor, claimed that the Corporate Debtor defaulted on its loan repayments. SBI had sanctioned term loans and working capital loans to Raj Rayon Industries Ltd starting from 1999, which were restructured and renewed over time. The Corporate Debtor was classified as a Non-Performing Asset (NPA) on 30.11.2013.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Raj Rayon Industries Ltd, the Corporate Debtor. SBI claimed that Raj Rayon Industries Ltd defaulted on loan repayments. SBI had sanctioned term loans and working capital loans to Raj Rayon Industries Ltd starting from 07.04.1999. The outstanding amount, including interest, as of 31.03.2019, was Rs.13320164736 (Principal outstanding amount Rs.6391606199 + interest of Rs.6928558537). These loans were being renewed and restructured from time to time. The Corporate Debtor was classified as NPA on 30.11.2013. The date of default is 30.11.2013. Balance Confirmation letter was issued by the Respondent to the Petitioner on 08.08.2016. The Last transaction is on
…Petitioner Bank…
The Corporate Debtor…