The State Bank of India filed an Insolvency and Bankruptcy Application (IBA) under Section 7 of the Insolvency & Bankruptcy Code against M/s. Sri Venkataram Spinners Private Limited, the Corporate Debtor, due to a default in repaying an amount of ₹40,02,87,000.16 as of 31.12.2018. The Corporate Debtor had availed financial assistance from the Applicant (State Bank of India) since 06.09.2007, with revisions to the credit facilities on 22.03.2016.
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s. Sri Venkataram Spinners Private Limited, citing a default of ₹40,02,87,000.16 as of 31.12.2018. The Corporate Debtor had availed financial assistance from the bank since 06.09.2007, with revisions to credit facilities on 22.03.2016. The bank issued a demand notice under Section 13(1) of the SARFAESI Act and filed OA/42/2018 with DRT, Coimbatore. The bank also provided a balance confirmation dated 04.04.2016 signed by the Corporate Debtor, proving that the claim was within the limitation period. The loan account had become irregular on 27.06.2016 and was classified as a Non-Performing Asset (NPA) on 01.07.2016. The Corporate Debtor provided securities and
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Corporate Debtor…
Another sanction limit was set, and the entire…
The State Bank of India filed an Insolvency and Bankruptcy Application (IBA) under Section 7 of the Insolvency & Bankruptcy Code against M/s. Sri Venkataram Spinners Private Limited, the Corporate Debtor, due to a default in repaying an amount of ₹40,02,87,000.16 as of 31.12.2018. The Corporate Debtor had availed financial assistance from the Applicant (State Bank of India) since 06.09.2007, with revisions to the credit facilities on 22.03.2016.
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s. Sri Venkataram Spinners Private Limited, citing a default of ₹40,02,87,000.16 as of 31.12.2018. The Corporate Debtor had availed financial assistance from the bank since 06.09.2007, with revisions to credit facilities on 22.03.2016. The bank issued a demand notice under Section 13(1) of the SARFAESI Act and filed OA/42/2018 with DRT, Coimbatore. The bank also provided a balance confirmation dated 04.04.2016 signed by the Corporate Debtor, proving that the claim was within the limitation period. The loan account had become irregular on 27.06.2016 and was classified as a Non-Performing Asset (NPA) on 01.07.2016. The Corporate Debtor provided securities and
…Corporate Debtor…
Another sanction limit was set, and the entire…