The case involves an application filed by a creditor of Surya Chakra Power Corporation Ltd (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) read with Rule 11 of NCLT Rules, 2016, seeking condonation of delay in filing a claim with the Resolution Professional (RP). The creditor, State Bank of India, had disbursed loans to the Corporate Debtor under two loan agreements in 2010 and 2011. Disputes arose, leading to arbitration proceedings where awards were passed in favor of the creditor. The RP rejected the creditor's claim because it was filed after the 90-day period from the insolvency commencement date as prescribed by IBBI regulations.
State Bank of India (SBI) disbursed loans to Surya Chakra Power Corporation Ltd (Corporate Debtor) under a loan agreement dated October 9, 2010, for Rs. 7,00,00,000, and another loan agreement dated January 15, 2011, for Rs. 4,00,00,000, both carrying an interest rate of 21% p.a. plus an additional 6% p.a. for each day of delay. The Corporate Debtor failed to repay the loan amount and interest after April 30, 2011. SBI initiated arbitration proceedings, resulting in awards in its favor dated July 31, 2017. The Resolution Professional (RP) informed SBI about the commencement of insolvency proceedings against the Corporate Debtor on October 10, 2018, and about the filing of Form C on December 29, 2018. SBI filed its claims in Form C on February 4, 2019, which was within
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Loan agreement between State Bank of India and…
Loan agreement between State Bank of India and…
The case involves an application filed by a creditor of Surya Chakra Power Corporation Ltd (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) read with Rule 11 of NCLT Rules, 2016, seeking condonation of delay in filing a claim with the Resolution Professional (RP). The creditor, State Bank of India, had disbursed loans to the Corporate Debtor under two loan agreements in 2010 and 2011. Disputes arose, leading to arbitration proceedings where awards were passed in favor of the creditor. The RP rejected the creditor's claim because it was filed after the 90-day period from the insolvency commencement date as prescribed by IBBI regulations.
State Bank of India (SBI) disbursed loans to Surya Chakra Power Corporation Ltd (Corporate Debtor) under a loan agreement dated October 9, 2010, for Rs. 7,00,00,000, and another loan agreement dated January 15, 2011, for Rs. 4,00,00,000, both carrying an interest rate of 21% p.a. plus an additional 6% p.a. for each day of delay. The Corporate Debtor failed to repay the loan amount and interest after April 30, 2011. SBI initiated arbitration proceedings, resulting in awards in its favor dated July 31, 2017. The Resolution Professional (RP) informed SBI about the commencement of insolvency proceedings against the Corporate Debtor on October 10, 2018, and about the filing of Form C on December 29, 2018. SBI filed its claims in Form C on February 4, 2019, which was within
…Loan agreement between State Bank of India and…
Loan agreement between State Bank of India and…