Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Suwarnsparsh Gems and Jewellery Ltd., claiming a default of Rs. 17,18,85,788.17. The bank provided credit facilities to the Corporate Debtor, including cash credit and term loans, totaling Rs. 14.22 Crores. The Corporate Debtor failed to repay the outstanding dues, leading to the account being classified as a Non-Performing Asset (NPA) on 30.06.2017. The bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, demanding Rs. 16,35,78,781/- as of 30.06.2017. The Corporate Debtor's counsel withdrew representation due to a lack of cooperation. The Adjudicating Authority admitted the petition, finding that the Corporate Debtor had defaulted in repaying the loans.

Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Suwarnsparsh Gems and Jewellery Ltd., claiming a default of Rs. 17,18,85,788.17. The bank provided credit facilities to the Corporate Debtor, including cash credit and term loans, totaling Rs. 14.22 Crores. The Corporate Debtor failed to repay the outstanding dues, leading to the account being classified as a Non-Performing Asset (NPA) on 30.06.2017. The bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, demanding Rs. 16,35,78,781/- as of 30.06.2017. The Corporate Debtor's counsel withdrew representation due to a lack of cooperation. The Adjudicating Authority admitted the petition, finding that the Corporate Debtor had defaulted in repaying the loans.