The case involves a petition filed by Union Bank of India Limited, the Financial Creditor, against SBQ Steels Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 249,37,79,003.69 as of 21.08.2017. The Corporate Debtor had availed financial assistance granted by the Financial Creditor through various agreements. The Financial Creditor submitted that the Corporate Debtor was unable to pay its financial debt, leading to the petition before the Adjudicating Authority.
Union Bank of India Limited (Financial Creditor) filed a petition against SBQ Steels Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of Rs. 249,37,79,003.69 as of 21.08.2017. The debt arose from financial assistance provided to the Corporate Debtor through various agreements. The Financial Creditor had provided a loan to the Corporate Debtor secured by an equitable mortgage pari-pasu charge on land and hypothecation deeds on movable properties. The Financial Creditor issued a recall notice on 19.09.2014, and the Corporate Debtor replied on 25.09.2019 to a letter dated 19.09.2017. A demand notice was issued under Section 13(2) of the SARFAESI Act, 2002, on 28.01.2015, and the Corporate
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The Financial Creditor…
The Corporate Debtor again issued Demand Notice…
The case involves a petition filed by Union Bank of India Limited, the Financial Creditor, against SBQ Steels Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 249,37,79,003.69 as of 21.08.2017. The Corporate Debtor had availed financial assistance granted by the Financial Creditor through various agreements. The Financial Creditor submitted that the Corporate Debtor was unable to pay its financial debt, leading to the petition before the Adjudicating Authority.
Union Bank of India Limited (Financial Creditor) filed a petition against SBQ Steels Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of Rs. 249,37,79,003.69 as of 21.08.2017. The debt arose from financial assistance provided to the Corporate Debtor through various agreements. The Financial Creditor had provided a loan to the Corporate Debtor secured by an equitable mortgage pari-pasu charge on land and hypothecation deeds on movable properties. The Financial Creditor issued a recall notice on 19.09.2014, and the Corporate Debtor replied on 25.09.2019 to a letter dated 19.09.2017. A demand notice was issued under Section 13(2) of the SARFAESI Act, 2002, on 28.01.2015, and the Corporate
…The Financial Creditor…
The Corporate Debtor again issued Demand Notice…