State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SRS Ltd., the corporate debtor, for default in repayment of financial debt. The loan was granted under a consortium arrangement with State Bank of India and its subsidiary banks. The bank sought initiation of the corporate insolvency resolution process due to the default committed by the corporate debtor.
State Bank of India (SBI), a public sector bank, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against SRS Ltd., a company registered under the Companies Act, 1956. SBI, along with its subsidiary banks, granted/enhanced/renewed loans to SRS Ltd. over time, with the last renewal initiated on March 30, 2016. The loan was a consortium arrangement. The first loan sanction was on March 22, 2007. SBI granted a total fund-based limit of ₹50 Crores, including a cash credit of ₹3 Crores and a term loan of ₹47 Crores. Several enhancements of the loan were provided through various sanction letters and credit facilities. Working Capital Consortium Agreements were executed on August 25, 2007, August 2, 2010, and February 1, 2014. The total
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State Bank of India and…
Last renewal…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SRS Ltd., the corporate debtor, for default in repayment of financial debt. The loan was granted under a consortium arrangement with State Bank of India and its subsidiary banks. The bank sought initiation of the corporate insolvency resolution process due to the default committed by the corporate debtor.
State Bank of India (SBI), a public sector bank, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against SRS Ltd., a company registered under the Companies Act, 1956. SBI, along with its subsidiary banks, granted/enhanced/renewed loans to SRS Ltd. over time, with the last renewal initiated on March 30, 2016. The loan was a consortium arrangement. The first loan sanction was on March 22, 2007. SBI granted a total fund-based limit of ₹50 Crores, including a cash credit of ₹3 Crores and a term loan of ₹47 Crores. Several enhancements of the loan were provided through various sanction letters and credit facilities. Working Capital Consortium Agreements were executed on August 25, 2007, August 2, 2010, and February 1, 2014. The total
…State Bank of India and…
Last renewal…