The case involves an application by Abhyudaya Co-operative Bank Limited, an operational creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivkripa Ispat Pvt. Ltd., the corporate debtor. The petitioner claims that the corporate debtor defaulted on loan repayments. The petitioner seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.
Abhyudaya Co-operative Bank Limited, the petitioner, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivkripa Ispat Pvt. Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petitioner claimed that the corporate debtor had defaulted on loan repayments. The total loan granted by the financial creditor to the corporate debtor was Rs. 1727 Lakhs. The petitioner claimed a total debt of Rs. 24,50,95,702 along with interest. The petitioner had granted credit facilities to the corporate debtor, secured by registered mortgage deeds and extensions thereof. Due to non-payment of the outstanding debt, the petitioner had filed an Original Application (O.A.) before the Debt Recovery
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The case involves an application by Abhyudaya Co-operative Bank Limited, an operational creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivkripa Ispat Pvt. Ltd., the corporate debtor. The petitioner claims that the corporate debtor defaulted on loan repayments. The petitioner seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.
Abhyudaya Co-operative Bank Limited, the petitioner, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivkripa Ispat Pvt. Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petitioner claimed that the corporate debtor had defaulted on loan repayments. The total loan granted by the financial creditor to the corporate debtor was Rs. 1727 Lakhs. The petitioner claimed a total debt of Rs. 24,50,95,702 along with interest. The petitioner had granted credit facilities to the corporate debtor, secured by registered mortgage deeds and extensions thereof. Due to non-payment of the outstanding debt, the petitioner had filed an Original Application (O.A.) before the Debt Recovery
…The Petition under consideration was filed on…
The case was h…