The case pertains to a joint petition filed by Central Bank of India and State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Shreem Spa & Resorts Private Limited. The financial creditors sought initiation of the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to repay its dues. The corporate debtor had been sanctioned term loans and cash credit facilities in 2012. The account was classified as NPA on 30.09.2015, and subsequent actions were taken under the SARFAESI Act. The financial creditors had also filed an original application before DRT-1 at Ahmedabad for recovery of dues. The corporate debtor acknowledged the debt in letters to the applicant banks.
Central Bank of India and State Bank of India (erstwhile State Bank of Bikaner and Jaipur) jointly filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Shreem Spa & Resorts Private Limited. The corporate debtor had been sanctioned term loans and cash credit facilities in 2012. The account of the corporate debtor was classified as NPA on 30.09.2015. The financial creditors initiated actions under the SARFAESI Act and also filed an original application before DRT-1 at Ahmedabad for recovery of dues. The corporate debtor acknowledged the debt in letters dated 02.02.2016 and 17.02.2016. The total amount due to the financial creditors was Rs. 109,10,68,480.00 as of 30.09.2015, including interest and penal interest. The applicant
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The case pertains to a joint petition filed by Central Bank of India and State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Shreem Spa & Resorts Private Limited. The financial creditors sought initiation of the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to repay its dues. The corporate debtor had been sanctioned term loans and cash credit facilities in 2012. The account was classified as NPA on 30.09.2015, and subsequent actions were taken under the SARFAESI Act. The financial creditors had also filed an original application before DRT-1 at Ahmedabad for recovery of dues. The corporate debtor acknowledged the debt in letters to the applicant banks.
Central Bank of India and State Bank of India (erstwhile State Bank of Bikaner and Jaipur) jointly filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Shreem Spa & Resorts Private Limited. The corporate debtor had been sanctioned term loans and cash credit facilities in 2012. The account of the corporate debtor was classified as NPA on 30.09.2015. The financial creditors initiated actions under the SARFAESI Act and also filed an original application before DRT-1 at Ahmedabad for recovery of dues. The corporate debtor acknowledged the debt in letters dated 02.02.2016 and 17.02.2016. The total amount due to the financial creditors was Rs. 109,10,68,480.00 as of 30.09.2015, including interest and penal interest. The applicant
…Applicant banks…
The account of the…