The case involves an application filed by M/s. Small Industries Development Bank of India (SIDBI), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shri Tubes & Steels Private Limited, the Corporate Debtor, due to a default of Rs. 29,22,88,404/-. The Financial Creditor had previously initiated CIRP against the Corporate Debtor, which was later withdrawn based on a proposed One-Time Settlement (OTS). However, the Corporate Debtor failed to adhere to the terms of the OTS, leading to the current application.
M/s. Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shri Tubes & Steels Private Limited due to a default of Rs. 29,22,88,404/-. SIDBI had previously filed a similar petition (CP (IB) No. 37/BB/2018), which was withdrawn after a One-Time Settlement (OTS) was proposed. The Corporate Debtor failed to adhere to the terms of the OTS, specifically the payment schedule. SIDBI granted an 'in-principle' acceptance to the OTS amount, subject to certain conditions. The Corporate Debtor requested modifications to the OTS terms, including reducing the initial payment. SIDBI agreed to partially modify the terms. The Corporate Debtor failed to make
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Financial Creditor filed CP (IB) No.…
Corporate Debtor…
The case involves an application filed by M/s. Small Industries Development Bank of India (SIDBI), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shri Tubes & Steels Private Limited, the Corporate Debtor, due to a default of Rs. 29,22,88,404/-. The Financial Creditor had previously initiated CIRP against the Corporate Debtor, which was later withdrawn based on a proposed One-Time Settlement (OTS). However, the Corporate Debtor failed to adhere to the terms of the OTS, leading to the current application.
M/s. Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shri Tubes & Steels Private Limited due to a default of Rs. 29,22,88,404/-. SIDBI had previously filed a similar petition (CP (IB) No. 37/BB/2018), which was withdrawn after a One-Time Settlement (OTS) was proposed. The Corporate Debtor failed to adhere to the terms of the OTS, specifically the payment schedule. SIDBI granted an 'in-principle' acceptance to the OTS amount, subject to certain conditions. The Corporate Debtor requested modifications to the OTS terms, including reducing the initial payment. SIDBI agreed to partially modify the terms. The Corporate Debtor failed to make
…Financial Creditor filed CP (IB) No.…
Corporate Debtor…