The case involves an application filed by AU Small Finance Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against SRK Devbuild Private Limited, due to default in repayment of a term loan facility. The bank claimed a default date of 31/05/2016 and an outstanding amount of Rs. 3,34,96,299 as of 25/07/2018. The corporate debtor raised objections, including arguments about the application's maintainability, the existence of co-borrowers, and the validity of the security documents.
AU Small Finance Bank Limited, a banking company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SRK Devbuild Private Limited. SRK Devbuild Private Limited was incorporated on 25/08/2011. The bank had sanctioned a term loan facility of Rs. 4,00,00,000 to the company, as per the sanction letter dated 09/02/2015, and a loan agreement was executed on 11/02/2015. The corporate debtor defaulted in repayment, leading to the account being classified as NPA on 31/05/2016. The bank issued a demand notice under Section 13(2) of the SARFAESI Act on 30/08/2016, demanding Rs. 4,70,34,931. The bank took symbolic possession of the secured asset on 10/12/2016 and issued a sale notice
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SRK Devbuild…
AU Small Finance Bank Limited sanctioned a term…
The case involves an application filed by AU Small Finance Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against SRK Devbuild Private Limited, due to default in repayment of a term loan facility. The bank claimed a default date of 31/05/2016 and an outstanding amount of Rs. 3,34,96,299 as of 25/07/2018. The corporate debtor raised objections, including arguments about the application's maintainability, the existence of co-borrowers, and the validity of the security documents.
AU Small Finance Bank Limited, a banking company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SRK Devbuild Private Limited. SRK Devbuild Private Limited was incorporated on 25/08/2011. The bank had sanctioned a term loan facility of Rs. 4,00,00,000 to the company, as per the sanction letter dated 09/02/2015, and a loan agreement was executed on 11/02/2015. The corporate debtor defaulted in repayment, leading to the account being classified as NPA on 31/05/2016. The bank issued a demand notice under Section 13(2) of the SARFAESI Act on 30/08/2016, demanding Rs. 4,70,34,931. The bank took symbolic possession of the secured asset on 10/12/2016 and issued a sale notice
…SRK Devbuild…
AU Small Finance Bank Limited sanctioned a term…