Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Super Shiv Shakti Chemicals Private Limited, claiming to be a Financial Creditor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loan amount. The applicant claims that the corporate debtor availed various credit facilities, including cash credit and term loans. The loan accounts of the corporate debtor were classified as NPA on 30.03.2017. The applicant issued a notice under Section 13(2) of the SARFAESI Act, 2002, demanding outstanding amounts, which remained unpaid. The corporate debtor admitted its inability to pay the debt amount and sought time to revive operations through a

Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Super Shiv Shakti Chemicals Private Limited, claiming to be a Financial Creditor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loan amount. The applicant claims that the corporate debtor availed various credit facilities, including cash credit and term loans. The loan accounts of the corporate debtor were classified as NPA on 30.03.2017. The applicant issued a notice under Section 13(2) of the SARFAESI Act, 2002, demanding outstanding amounts, which remained unpaid. The corporate debtor admitted its inability to pay the debt amount and sought time to revive operations through a