The case involves a petition filed by State Bank of India, the Financial Creditor, against Vaksh Steels Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a sum of Rs. 37,81,36,705. The Corporate Debtor admits to availing loans but attributes the default to external factors affecting the steel industry. The Financial Creditor initiated action under the SARFAESI Act, 2002, before DRT Hyderabad, which is pending admission. The Corporate Debtor proposed a One Time Settlement (OTS) through CGM Asset Reconstruction Private Limited, which was under consideration.
State Bank of India (SBI), the Financial Creditor, filed a petition against Vaksh Steels Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, claiming a default of Rs. 37,81,36,705. Vaksh Steels had availed term loans, working capital limits, and non-fund-based limits from SBI, totaling Rs. 34.80 crores, securing them with hypothecation of movable and mortgage of immovable properties. The account was declared NPA on 25.12.2016. SBI initiated proceedings under the SARFAESI Act, 2002, before DRT Hyderabad, which are pending. Vaksh Steels admitted to availing the loan but attributed the default to external factors affecting the steel industry, such as cheap imports from China, South Korea, and Japan, increased raw
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The account of Vaksh Steels Private Limited was…
The amount in default was stated to be Rs.…
The case involves a petition filed by State Bank of India, the Financial Creditor, against Vaksh Steels Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a sum of Rs. 37,81,36,705. The Corporate Debtor admits to availing loans but attributes the default to external factors affecting the steel industry. The Financial Creditor initiated action under the SARFAESI Act, 2002, before DRT Hyderabad, which is pending admission. The Corporate Debtor proposed a One Time Settlement (OTS) through CGM Asset Reconstruction Private Limited, which was under consideration.
State Bank of India (SBI), the Financial Creditor, filed a petition against Vaksh Steels Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, claiming a default of Rs. 37,81,36,705. Vaksh Steels had availed term loans, working capital limits, and non-fund-based limits from SBI, totaling Rs. 34.80 crores, securing them with hypothecation of movable and mortgage of immovable properties. The account was declared NPA on 25.12.2016. SBI initiated proceedings under the SARFAESI Act, 2002, before DRT Hyderabad, which are pending. Vaksh Steels admitted to availing the loan but attributed the default to external factors affecting the steel industry, such as cheap imports from China, South Korea, and Japan, increased raw
…The account of Vaksh Steels Private Limited was…
The amount in default was stated to be Rs.…