The case involves a petition filed by Corporation Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Sharma Kalypso Pvt. Ltd., the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a loan of Rs. 71,62,70,000. The Corporate Debtor raised objections regarding the maintainability of the application, citing issues with the Power of Attorney, limitation, and the account not being declared an NPA by the Financial Creditor.
Corporation Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sharma Kalypso Pvt. Ltd., the Corporate Debtor. The Financial Creditor sanctioned a total loan of Rs. 71,62,70,000 to the Corporate Debtor. The Corporate Debtor defaulted on the loan, with the total claim as of 16.02.2018 being Rs. 79,14,95,288.26 and the total claim including interest up to 01.06.2019 being Rs. 88,25,77,012.26. The account was classified as NPA on 31.03.2017. The Corporate Debtor raised objections, including that the application was not filed in compliance with Section 7 of the IBC, that no financial debt was due, and that the application was barred by
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Mr. P.Y. Jakk…
M/s Sharma Kaly…
The case involves a petition filed by Corporation Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Sharma Kalypso Pvt. Ltd., the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a loan of Rs. 71,62,70,000. The Corporate Debtor raised objections regarding the maintainability of the application, citing issues with the Power of Attorney, limitation, and the account not being declared an NPA by the Financial Creditor.
Corporation Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sharma Kalypso Pvt. Ltd., the Corporate Debtor. The Financial Creditor sanctioned a total loan of Rs. 71,62,70,000 to the Corporate Debtor. The Corporate Debtor defaulted on the loan, with the total claim as of 16.02.2018 being Rs. 79,14,95,288.26 and the total claim including interest up to 01.06.2019 being Rs. 88,25,77,012.26. The account was classified as NPA on 31.03.2017. The Corporate Debtor raised objections, including that the application was not filed in compliance with Section 7 of the IBC, that no financial debt was due, and that the application was barred by
…Mr. P.Y. Jakk…
M/s Sharma Kaly…