The Financial Creditor (Stressed Assets Stabilisation Fund) initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (Torus India Ltd) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Torus India Ltd was originally incorporated as Kinnera Steels Private Limited on 28.09.1984 and later converted to a Public Limited Company on 06.06.1996, changing its name on 31.12.1999. The company engaged in ferrous and non-ferrous metal businesses and obtained credit facilities from IDBI for project financing. IDBI granted two term loans on 19.09.1997 and 07.12.2001, totaling Rs. 7,06,00,000/-, but the Respondent defaulted. IDBI transferred the loans to the Petitioner on 30.09.2004. IDBI issued a Sale Notice on 06.09.2017 and a Possession
…Torus India Ltd. was incorporated as Kinnera Steels Private Limited on 28.09.1984, later becoming a Public Limited Company on 06.06.1996 and changing its name on 31.12.1999. The company engaged in ferrous and non-ferrous metal businesses. It obtained credit facilities from IDBI for project financing, with two term loans granted on 19.09.1997 (Rs. 4,80,00,000/-) and 07.12.2001 (Rs. 2,26,00,000/-), totaling Rs. 7,06,00,000/-. The Respondent defaulted in repayment. IDBI transferred the loans and security interest to Stressed Assets Stabilisation Fund (the Petitioner) on 30.09.2004. IDBI issued a Sale Notice on 06.09.2017 and a Possession Notice on 10.08.2017. The Respondent filed S.A. No. 338/2017 before the DRT, Visakhapatnam, which set aside the notices on 16.07.2018.
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Torus India Ltd. was…
Kinnera Steels Private…
The Financial Creditor (Stressed Assets Stabilisation Fund) initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (Torus India Ltd) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Torus India Ltd was originally incorporated as Kinnera Steels Private Limited on 28.09.1984 and later converted to a Public Limited Company on 06.06.1996, changing its name on 31.12.1999. The company engaged in ferrous and non-ferrous metal businesses and obtained credit facilities from IDBI for project financing. IDBI granted two term loans on 19.09.1997 and 07.12.2001, totaling Rs. 7,06,00,000/-, but the Respondent defaulted. IDBI transferred the loans to the Petitioner on 30.09.2004. IDBI issued a Sale Notice on 06.09.2017 and a Possession
…Torus India Ltd. was incorporated as Kinnera Steels Private Limited on 28.09.1984, later becoming a Public Limited Company on 06.06.1996 and changing its name on 31.12.1999. The company engaged in ferrous and non-ferrous metal businesses. It obtained credit facilities from IDBI for project financing, with two term loans granted on 19.09.1997 (Rs. 4,80,00,000/-) and 07.12.2001 (Rs. 2,26,00,000/-), totaling Rs. 7,06,00,000/-. The Respondent defaulted in repayment. IDBI transferred the loans and security interest to Stressed Assets Stabilisation Fund (the Petitioner) on 30.09.2004. IDBI issued a Sale Notice on 06.09.2017 and a Possession Notice on 10.08.2017. The Respondent filed S.A. No. 338/2017 before the DRT, Visakhapatnam, which set aside the notices on 16.07.2018.
…Torus India Ltd. was…
Kinnera Steels Private…