The case involves a petition filed by Stressed Assets Stabilization Fund, the financial creditor, against Sri Vasavi Industries Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Sri Vasavi Industries Limited had availed credit facilities from Industrial Development Bank of India (IDBI), which were later transferred to the petitioner. The respondent defaulted on repayments, leading to the current application for CIRP.
Sri Vasavi Industries Limited was originally incorporated as a Private Limited Company on 1985-01-22 and later converted into a Public Limited Company on 1994-04-19. The company's name was changed to Sri Vasavi Industries Limited on 1998-01-15. The company engaged in manufacturing, producing, and trading various metals. It obtained credit facilities from IDBI, including three term loans totaling Rs. 4000 Lakhs. The respondent defaulted on loan repayments. IDBI transferred the loans to Stressed Assets Stabilization Fund on 2004-09-30. IDBI had filed an Original Application (O.A. No.153/2004) before DRT-I, Hyderabad, for debt recovery. The DRT-I allowed the application ex parte on 2017-11-06, ordering recovery of Rs. 58,30,83,741/- with interest. The petitioner filed the
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Sri Vasavi Industries…
Sri Vasavi Industries…
The case involves a petition filed by Stressed Assets Stabilization Fund, the financial creditor, against Sri Vasavi Industries Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Sri Vasavi Industries Limited had availed credit facilities from Industrial Development Bank of India (IDBI), which were later transferred to the petitioner. The respondent defaulted on repayments, leading to the current application for CIRP.
Sri Vasavi Industries Limited was originally incorporated as a Private Limited Company on 1985-01-22 and later converted into a Public Limited Company on 1994-04-19. The company's name was changed to Sri Vasavi Industries Limited on 1998-01-15. The company engaged in manufacturing, producing, and trading various metals. It obtained credit facilities from IDBI, including three term loans totaling Rs. 4000 Lakhs. The respondent defaulted on loan repayments. IDBI transferred the loans to Stressed Assets Stabilization Fund on 2004-09-30. IDBI had filed an Original Application (O.A. No.153/2004) before DRT-I, Hyderabad, for debt recovery. The DRT-I allowed the application ex parte on 2017-11-06, ordering recovery of Rs. 58,30,83,741/- with interest. The petitioner filed the
…Sri Vasavi Industries…
Sri Vasavi Industries…