Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sri Balaji Forest Product Pvt. Ltd., the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted in paying a financial debt of Rs. 118,52,14,908/-. The Corporate Debtor contended that the proceeding was filed beyond the period of limitation and that a One Time Settlement (OTS) proposal was under consideration by the Bank. The Financial Creditor granted and disbursed various term loans and CC facilities to the Corporate Debtor in 2014, which were increased over time. The Corporate Debtor admitted and acknowledged the debt on 18.12.2015 but failed to repay it.
In 2014, Bank of India (Financial Creditor) granted and disbursed term loans and CC facilities to Sri Balaji Forest Products Private Limited (Corporate Debtor). The loan amount was increased over time by extending repayment terms. On 30.03.2013, the term loan was Rs. 255 Lakh and CC facilities were extended to Rs. 3,200 Lakhs. The Corporate Debtor defaulted on the loan. On 18.12.2015, the Corporate Debtor admitted and acknowledged the debt but failed to repay it. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the Corporate Debtor for a financial debt of Rs. 118,52,14,908/-. The Corporate Debtor contended that the application was filed beyond the period of limitation and that a One Time
…Sign in to view the parties.
Financial Creditor granted and disbursed term…
Term loan of Rs. 255…
Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sri Balaji Forest Product Pvt. Ltd., the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted in paying a financial debt of Rs. 118,52,14,908/-. The Corporate Debtor contended that the proceeding was filed beyond the period of limitation and that a One Time Settlement (OTS) proposal was under consideration by the Bank. The Financial Creditor granted and disbursed various term loans and CC facilities to the Corporate Debtor in 2014, which were increased over time. The Corporate Debtor admitted and acknowledged the debt on 18.12.2015 but failed to repay it.
In 2014, Bank of India (Financial Creditor) granted and disbursed term loans and CC facilities to Sri Balaji Forest Products Private Limited (Corporate Debtor). The loan amount was increased over time by extending repayment terms. On 30.03.2013, the term loan was Rs. 255 Lakh and CC facilities were extended to Rs. 3,200 Lakhs. The Corporate Debtor defaulted on the loan. On 18.12.2015, the Corporate Debtor admitted and acknowledged the debt but failed to repay it. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the Corporate Debtor for a financial debt of Rs. 118,52,14,908/-. The Corporate Debtor contended that the application was filed beyond the period of limitation and that a One Time
…Financial Creditor granted and disbursed term…
Term loan of Rs. 255…