State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SEL Manufacturing Company Limited, claiming default on a financial debt. The bank, constituted under the State Bank of India Act, 1955, sought to initiate the corporate insolvency resolution process (CIRP) due to the corporate debtor's failure to repay a debt of ₹1136,15,67,142 as of 30.09.2017. The corporate debtor contested the petition, citing reasons such as the bank's failure to disburse the full amount of sanctioned loans, non-credit of subsidy amounts, and the existence of a Corporate Debt Restructuring (CDR) mechanism. The bank argued that the corporate debtor had defaulted on its repayment obligations and violated the terms of the Master Restructuring
…State Bank of India (SBI) filed a petition against SEL Manufacturing Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. SBI claimed that SEL Manufacturing Company Limited defaulted on a debt of ₹1136,15,67,142 as of 30.09.2017. SBI had granted term loans and working capital to SEL Manufacturing Company Limited, totaling ₹2049,11,75,763.15. SEL Manufacturing Company Limited had requested a Corporate Debtor Restructuring (CDR) which was approved but later the account was classified as NPA. The corporate debtor argued that SBI failed to disburse the full amount of sanctioned loans and did not credit subsidy amounts to its account. The corporate debtor also contended that the petition was not maintainable because SBI did not obtain permission from
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SEL Manufacturing…
On the request of Corporate Debtor, a…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SEL Manufacturing Company Limited, claiming default on a financial debt. The bank, constituted under the State Bank of India Act, 1955, sought to initiate the corporate insolvency resolution process (CIRP) due to the corporate debtor's failure to repay a debt of ₹1136,15,67,142 as of 30.09.2017. The corporate debtor contested the petition, citing reasons such as the bank's failure to disburse the full amount of sanctioned loans, non-credit of subsidy amounts, and the existence of a Corporate Debt Restructuring (CDR) mechanism. The bank argued that the corporate debtor had defaulted on its repayment obligations and violated the terms of the Master Restructuring
…State Bank of India (SBI) filed a petition against SEL Manufacturing Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. SBI claimed that SEL Manufacturing Company Limited defaulted on a debt of ₹1136,15,67,142 as of 30.09.2017. SBI had granted term loans and working capital to SEL Manufacturing Company Limited, totaling ₹2049,11,75,763.15. SEL Manufacturing Company Limited had requested a Corporate Debtor Restructuring (CDR) which was approved but later the account was classified as NPA. The corporate debtor argued that SBI failed to disburse the full amount of sanctioned loans and did not credit subsidy amounts to its account. The corporate debtor also contended that the petition was not maintainable because SBI did not obtain permission from
…SEL Manufacturing…
On the request of Corporate Debtor, a…