The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, by RCM Infrastructure Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The application was triggered by defaults in repayment of loans borrowed from various financial creditors, including Andhra Bank and Indian Overseas Bank. The Corporate Debtor cited economic slowdown, delayed realization of receivables, and project hindrances as reasons for the defaults. The financial creditors opposed the application, alleging that it was filed to stall recovery proceedings initiated under the SARFAESI Act.
RCM Infrastructure Limited, the Corporate Debtor, filed a petition under Section 10 of the IBC to initiate CIRP due to defaults in loan repayments to financial creditors like Andhra Bank and Indian Overseas Bank. The Corporate Debtor attributed the defaults to economic slowdown, delayed receivables, and project hindrances, leading to invocation of bank guarantees. The total debt in default was reported as Rs. 194,96,56,434. Andhra Bank and Indian Overseas Bank classified the Corporate Debtor's accounts as Non-Performing Assets (NPA) and initiated recovery proceedings under the SARFAESI Act. The Corporate Debtor also filed SA No.371/2018 before DRT-II, Hyderabad, challenging the SARFAESI proceedings. Indian Overseas Bank also filed IA 688 seeking directions to the
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The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, by RCM Infrastructure Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The application was triggered by defaults in repayment of loans borrowed from various financial creditors, including Andhra Bank and Indian Overseas Bank. The Corporate Debtor cited economic slowdown, delayed realization of receivables, and project hindrances as reasons for the defaults. The financial creditors opposed the application, alleging that it was filed to stall recovery proceedings initiated under the SARFAESI Act.
RCM Infrastructure Limited, the Corporate Debtor, filed a petition under Section 10 of the IBC to initiate CIRP due to defaults in loan repayments to financial creditors like Andhra Bank and Indian Overseas Bank. The Corporate Debtor attributed the defaults to economic slowdown, delayed receivables, and project hindrances, leading to invocation of bank guarantees. The total debt in default was reported as Rs. 194,96,56,434. Andhra Bank and Indian Overseas Bank classified the Corporate Debtor's accounts as Non-Performing Assets (NPA) and initiated recovery proceedings under the SARFAESI Act. The Corporate Debtor also filed SA No.371/2018 before DRT-II, Hyderabad, challenging the SARFAESI proceedings. Indian Overseas Bank also filed IA 688 seeking directions to the
…According to its books of account, the…
Sale notice dated…