State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Shreem Corporation Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed due to a default of Rs. 681.87 crores, including applicable interest. The Corporate Debtor had approached the Petitioner for credit facilities/term loans, which were sanctioned via Letters of Arrangement in 2010 and 2011. The Corporate Debtor defaulted on repayments, leading to the loan account being classified as a Non-Performing Asset (NPA) on 28.06.2013. The Petitioner issued a demand notice under Section 13 of the SARFAESI Act, 2002, and filed an Original Application before the Debts Recovery Tribunal-III, Mumbai, for recovery of dues. The loan account was
…State Bank of India (SBI) sanctioned term loans to Shreem Corporation Limited. Shreem Corporation defaulted on repayments, leading SBI to classify the account as NPA on June 28, 2013. SBI issued a demand notice on July 2, 2013, and a legal notice on May 2, 2014. SBI filed Original Application No. 726/2014 before the Debts Recovery Tribunal-III, Mumbai, on June 3, 2014. The Mumbai Debt Recovery Tribunal-III granted interim relief on January 8, 2015, restraining Shreem Corporation from creating third-party rights on secured assets. The loan account was declared a fraud, and a FIR was lodged with the CBI on September 30, 2016. SBI filed a Securitisation Application bearing No. 416 of 2014 before the District Magistrate, Palghar, which was allowed on March 9, 2017. Shreem
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Petitioner sanctioned term loans vide Letter of…
Petitioner sanctioned term loans vide Letter of…
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Shreem Corporation Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed due to a default of Rs. 681.87 crores, including applicable interest. The Corporate Debtor had approached the Petitioner for credit facilities/term loans, which were sanctioned via Letters of Arrangement in 2010 and 2011. The Corporate Debtor defaulted on repayments, leading to the loan account being classified as a Non-Performing Asset (NPA) on 28.06.2013. The Petitioner issued a demand notice under Section 13 of the SARFAESI Act, 2002, and filed an Original Application before the Debts Recovery Tribunal-III, Mumbai, for recovery of dues. The loan account was
…State Bank of India (SBI) sanctioned term loans to Shreem Corporation Limited. Shreem Corporation defaulted on repayments, leading SBI to classify the account as NPA on June 28, 2013. SBI issued a demand notice on July 2, 2013, and a legal notice on May 2, 2014. SBI filed Original Application No. 726/2014 before the Debts Recovery Tribunal-III, Mumbai, on June 3, 2014. The Mumbai Debt Recovery Tribunal-III granted interim relief on January 8, 2015, restraining Shreem Corporation from creating third-party rights on secured assets. The loan account was declared a fraud, and a FIR was lodged with the CBI on September 30, 2016. SBI filed a Securitisation Application bearing No. 416 of 2014 before the District Magistrate, Palghar, which was allowed on March 9, 2017. Shreem
…Petitioner sanctioned term loans vide Letter of…
Petitioner sanctioned term loans vide Letter of…