Allahabad Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SPS Steels Rolling Mills Limited, the corporate debtor, alleging default on repayment of credit facilities. The corporate debtor contested the application, claiming abuse of process and compliance with a one-time settlement (OTS). The financial creditor argued that the corporate debtor defaulted on its obligations, leading to its account being declared a Non-Performing Asset (NPA). The application was filed before the National Company Law Tribunal (NCLT), Kolkata Bench.
Allahabad Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SPS Steels Rolling Mills Limited, a corporate debtor. The financial creditor claimed that the corporate debtor defaulted on repayment of credit facilities, including term loans and cash credit, with an outstanding amount of Rs. 1,91,59,49,081.41 as of 31.10.2017. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 31.05.2013. The corporate debtor argued that the application was an abuse of process, citing a one-time settlement (OTS) agreement and a civil suit filed against the financial creditor. The financial creditor contended that the OTS was not finalized and that the civil suit was not relevant to the adjudication
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Allahabad Bank is constituted under the…
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Allahabad Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SPS Steels Rolling Mills Limited, the corporate debtor, alleging default on repayment of credit facilities. The corporate debtor contested the application, claiming abuse of process and compliance with a one-time settlement (OTS). The financial creditor argued that the corporate debtor defaulted on its obligations, leading to its account being declared a Non-Performing Asset (NPA). The application was filed before the National Company Law Tribunal (NCLT), Kolkata Bench.
Allahabad Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SPS Steels Rolling Mills Limited, a corporate debtor. The financial creditor claimed that the corporate debtor defaulted on repayment of credit facilities, including term loans and cash credit, with an outstanding amount of Rs. 1,91,59,49,081.41 as of 31.10.2017. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 31.05.2013. The corporate debtor argued that the application was an abuse of process, citing a one-time settlement (OTS) agreement and a civil suit filed against the financial creditor. The financial creditor contended that the OTS was not finalized and that the civil suit was not relevant to the adjudication
…Allahabad Bank is constituted under the…
Allahabad Bank granted…