The case involves an application filed by the State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Sri Maharaja Oil Imports & Exports India Pvt Ltd (Corporate Debtor). The Financial Creditor claimed a default in payment of a loan advanced to the Corporate Debtor.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Sri Maharaja Oil Imports & Exports India Pvt Ltd, claiming to be a financial creditor. The amount claimed was Rs. 68,65,95,202.75 as of June 18, 2017. SBI stated that the money was advanced as a loan to the Corporate Debtor, who defaulted on payments. The Director's report indicated that the company incurred a loss of Rs. 362.60 Lakhs against a profit of Rs. 14.96 Lakhs in the previous year, leading to the cessation of business operations. The Corporate Debtor acknowledged the debt in a letter. A demand notice was also issued to the Corporate Debtor, who replied via letter dated 11.06.2017. The demand notice was dated 01.03.2017 under Section 13(2) of
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Demand Notice issued to the Corporate Debtor…
The Corporate Debtor…
The case involves an application filed by the State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Sri Maharaja Oil Imports & Exports India Pvt Ltd (Corporate Debtor). The Financial Creditor claimed a default in payment of a loan advanced to the Corporate Debtor.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Sri Maharaja Oil Imports & Exports India Pvt Ltd, claiming to be a financial creditor. The amount claimed was Rs. 68,65,95,202.75 as of June 18, 2017. SBI stated that the money was advanced as a loan to the Corporate Debtor, who defaulted on payments. The Director's report indicated that the company incurred a loss of Rs. 362.60 Lakhs against a profit of Rs. 14.96 Lakhs in the previous year, leading to the cessation of business operations. The Corporate Debtor acknowledged the debt in a letter. A demand notice was also issued to the Corporate Debtor, who replied via letter dated 11.06.2017. The demand notice was dated 01.03.2017 under Section 13(2) of
…Demand Notice issued to the Corporate Debtor…
The Corporate Debtor…