State Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against M/s. Shakti Bhog Foods Limited, the Corporate Debtor. The Financial Creditor claimed a 'Financial debt' of Rs. 20,45,34,90,165.90, recoverable under various loan facilities granted to the Corporate Debtor, which was stated to be in default.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shakti Bhog Foods Limited, claiming to be a Financial Creditor with a 'Financial debt' of Rs. 20,45,34,90,165.90. This amount was allegedly recoverable under various loan facilities granted by SBI to Shakti Bhog Foods Limited, which was stated to be in default as of 27.12.2017. However, the High Court of Delhi had already admitted a Company Petition against Shakti Bhog Foods Limited, initiating liquidation proceedings. The NCLAT had previously ruled that no application under Section 7, 9, or 10 of the IBC is maintainable if a liquidation order has already been passed against the
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The amount of Rs.…
The Hon'ble High Court of Delhi admitted…
State Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against M/s. Shakti Bhog Foods Limited, the Corporate Debtor. The Financial Creditor claimed a 'Financial debt' of Rs. 20,45,34,90,165.90, recoverable under various loan facilities granted to the Corporate Debtor, which was stated to be in default.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shakti Bhog Foods Limited, claiming to be a Financial Creditor with a 'Financial debt' of Rs. 20,45,34,90,165.90. This amount was allegedly recoverable under various loan facilities granted by SBI to Shakti Bhog Foods Limited, which was stated to be in default as of 27.12.2017. However, the High Court of Delhi had already admitted a Company Petition against Shakti Bhog Foods Limited, initiating liquidation proceedings. The NCLAT had previously ruled that no application under Section 7, 9, or 10 of the IBC is maintainable if a liquidation order has already been passed against the
…The amount of Rs.…
The Hon'ble High Court of Delhi admitted…