State Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against TAPL International Pvt. Ltd., the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted in paying a loan amount of Rs. 58,44,10,445/- (together with interest till 31.03.2018). The Corporate Debtor argued that the application was filed beyond the period of limitation and that the Financial Creditor had already filed a recovery proceeding in DRT, Kolkata, suppressing this material fact.
State Bank of India (SBI) extended a loan of Rs. 34 crores to TAPL International Pvt. Ltd. (formerly known as Tulip Attire Private Ltd.) in 2012. The loan was secured by agreements including a loan agreement dated 28.07.2012 and hypothecation/pledge agreements. The loan was restructured on 26.08.2014. The account became a Non-Performing Asset (NPA) in 2016, leading SBI to issue a notice under Section 13(2) of the SARFAESI Act on 25.05.2016. TAPL International Pvt. Ltd. failed to repay the loan, resulting in SBI filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The total outstanding amount was Rs. 58,44,10,445/- as of 31.03.2018. TAPL International Pvt. Ltd. argued
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State Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against TAPL International Pvt. Ltd., the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted in paying a loan amount of Rs. 58,44,10,445/- (together with interest till 31.03.2018). The Corporate Debtor argued that the application was filed beyond the period of limitation and that the Financial Creditor had already filed a recovery proceeding in DRT, Kolkata, suppressing this material fact.
State Bank of India (SBI) extended a loan of Rs. 34 crores to TAPL International Pvt. Ltd. (formerly known as Tulip Attire Private Ltd.) in 2012. The loan was secured by agreements including a loan agreement dated 28.07.2012 and hypothecation/pledge agreements. The loan was restructured on 26.08.2014. The account became a Non-Performing Asset (NPA) in 2016, leading SBI to issue a notice under Section 13(2) of the SARFAESI Act on 25.05.2016. TAPL International Pvt. Ltd. failed to repay the loan, resulting in SBI filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The total outstanding amount was Rs. 58,44,10,445/- as of 31.03.2018. TAPL International Pvt. Ltd. argued
…Financial creditor…
Agreement of l…