The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Asset Reconstruction Co. India Ltd. (the Financial Creditor) against Sunil Ispat & Power Limited (the Corporate Debtor). The State Bank of India had initially provided credit facilities to the Corporate Debtor in 2005, which were enhanced over time. The Corporate Debtor executed various loan agreements and created equitable mortgages on their immovable properties. However, the Corporate Debtor failed to repay the debt, leading to a breach of contract. Subsequently, State Bank of India assigned its debt to Asset Reconstruction Co. India Ltd.
In 2005, State Bank of India extended a credit facility of Rs. 18.30 crores to Sunil Ispat & Power Limited (Corporate Debtor), which was later enhanced. The Corporate Debtor executed loan agreements and created mortgages. The Corporate Debtor defaulted on repayments, breaching the contract. State Bank of India initiated proceedings before the Debts Recovery Tribunal for Rs. 25,75,25,402.26. On 2014-07-18, State Bank of India assigned the debt to Asset Reconstruction Co. India Ltd. (Financial Creditor), requiring the Corporate Debtor to pay Rs. 37,53,66,081.00. The Corporate Debtor defaulted, leading to the account being declared a Non-Performing Asset. Notice of the petition was served, but the Corporate Debtor did not appear. The Financial Creditor proposed Arun
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State Bank of India provided a credit…
State Bank of India assigned its debt against…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Asset Reconstruction Co. India Ltd. (the Financial Creditor) against Sunil Ispat & Power Limited (the Corporate Debtor). The State Bank of India had initially provided credit facilities to the Corporate Debtor in 2005, which were enhanced over time. The Corporate Debtor executed various loan agreements and created equitable mortgages on their immovable properties. However, the Corporate Debtor failed to repay the debt, leading to a breach of contract. Subsequently, State Bank of India assigned its debt to Asset Reconstruction Co. India Ltd.
In 2005, State Bank of India extended a credit facility of Rs. 18.30 crores to Sunil Ispat & Power Limited (Corporate Debtor), which was later enhanced. The Corporate Debtor executed loan agreements and created mortgages. The Corporate Debtor defaulted on repayments, breaching the contract. State Bank of India initiated proceedings before the Debts Recovery Tribunal for Rs. 25,75,25,402.26. On 2014-07-18, State Bank of India assigned the debt to Asset Reconstruction Co. India Ltd. (Financial Creditor), requiring the Corporate Debtor to pay Rs. 37,53,66,081.00. The Corporate Debtor defaulted, leading to the account being declared a Non-Performing Asset. Notice of the petition was served, but the Corporate Debtor did not appear. The Financial Creditor proposed Arun
…State Bank of India provided a credit…
State Bank of India assigned its debt against…