State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Saber Paper Board Pvt. Ltd. SBI claimed a default of ₹147,34,28,079. Saber opposed the petition, arguing that SBI's statement of account was not in accordance with the law, that there was no specific authorization for filing the application, and that the petition was primarily a forum hunting exercise since SARFAESI proceedings were already initiated. Saber also contended that SBI was required to carry out restructuring as per a Techno-Economic Viability (TEV) study.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Saber Paper Board Pvt. Ltd. SBI claimed a default of ₹147,34,28,079. The days of default were stated as 2068 days as on 30.09.2018, calculated from 30.01.2013 (NPA date). Saber Paper Board Pvt. Ltd. had its registered office at VPO - Jugiana, G.T. Road, Ludhiana-141001. SBI's application was signed by Shri Kailash Chander, Assistant General Manager (AGM) of SBI. Saber filed a reply contending that SBI's statement of account was not in accordance with the law, that there was no specific authorization for filing the application, and that the petition was primarily a forum hunting exercise since SARFAESI
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The date on which the account of Saber…
A revival letter was…
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Saber Paper Board Pvt. Ltd. SBI claimed a default of ₹147,34,28,079. Saber opposed the petition, arguing that SBI's statement of account was not in accordance with the law, that there was no specific authorization for filing the application, and that the petition was primarily a forum hunting exercise since SARFAESI proceedings were already initiated. Saber also contended that SBI was required to carry out restructuring as per a Techno-Economic Viability (TEV) study.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Saber Paper Board Pvt. Ltd. SBI claimed a default of ₹147,34,28,079. The days of default were stated as 2068 days as on 30.09.2018, calculated from 30.01.2013 (NPA date). Saber Paper Board Pvt. Ltd. had its registered office at VPO - Jugiana, G.T. Road, Ludhiana-141001. SBI's application was signed by Shri Kailash Chander, Assistant General Manager (AGM) of SBI. Saber filed a reply contending that SBI's statement of account was not in accordance with the law, that there was no specific authorization for filing the application, and that the petition was primarily a forum hunting exercise since SARFAESI
…The date on which the account of Saber…
A revival letter was…