The State Bank of India (SBI), acting as the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Simhapuri Energy Limited, the corporate debtor, for defaulting on a financial debt of Rs. 636,73,74,998.30 with an overdue interest of Rs. 308,10,87,250.46. SBI sought initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). SBI, through consolidation, had merged its associate banks, which had previously granted and disbursed facilities to the corporate debtor. The corporate debtor, in its counter, argued that the petition was not maintainable due to ongoing proceedings before the Debt Recovery Tribunal and the existence of
…State Bank of India (SBI) filed a petition against Simhapuri Energy Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. SBI claimed a default on a financial debt of Rs. 636,73,74,998.30 with an overdue interest of Rs. 308,10,87,250.46. SBI had merged its associate banks, which had previously granted facilities to Simhapuri Energy Limited. These facilities included term loans and working capital facilities. The account of Simhapuri Energy Limited was declared a Non-Performing Asset (NPA) on September 28, 2016. SBI issued recall notices to Simhapuri Energy Limited on January 03, 2018, March 06, 2018, and September 08, 2018. Simhapuri Energy Limited argued that the petition was not maintainable due to ongoing proceedings before the Debt Recovery
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The account of the Corporate Debtor became a…
The Financial Creditor sent a letter to the…
The State Bank of India (SBI), acting as the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Simhapuri Energy Limited, the corporate debtor, for defaulting on a financial debt of Rs. 636,73,74,998.30 with an overdue interest of Rs. 308,10,87,250.46. SBI sought initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). SBI, through consolidation, had merged its associate banks, which had previously granted and disbursed facilities to the corporate debtor. The corporate debtor, in its counter, argued that the petition was not maintainable due to ongoing proceedings before the Debt Recovery Tribunal and the existence of
…State Bank of India (SBI) filed a petition against Simhapuri Energy Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. SBI claimed a default on a financial debt of Rs. 636,73,74,998.30 with an overdue interest of Rs. 308,10,87,250.46. SBI had merged its associate banks, which had previously granted facilities to Simhapuri Energy Limited. These facilities included term loans and working capital facilities. The account of Simhapuri Energy Limited was declared a Non-Performing Asset (NPA) on September 28, 2016. SBI issued recall notices to Simhapuri Energy Limited on January 03, 2018, March 06, 2018, and September 08, 2018. Simhapuri Energy Limited argued that the petition was not maintainable due to ongoing proceedings before the Debt Recovery
…The account of the Corporate Debtor became a…
The Financial Creditor sent a letter to the…