The case involves an application filed by SBER Bank, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate corporate insolvency resolution process against Varrasana Ispat Ltd., the corporate debtor. SBER Bank claimed that Varrasana Ispat Ltd. defaulted on a payment of Rs. 30,26,92,543.77 as of 10/10/2017. The corporate debtor contested the application, arguing that the petition was not maintainable because the person who filed the application on behalf of SBER Bank, Aleksei Nikolaevich Kechko, lacked the authority to do so. The corporate debtor also claimed that the financial creditor failed to implement restructuring and provide required limits, leading to a decline in the corporate debtor's turnover. The applicant bank
…SBER Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against Varrasana Ispat Ltd., the corporate debtor. The application was based on a default in payment of Rs. 30,26,92,543.77 as of 10/10/2017. SBER Bank had granted a term loan of Rs. 25 crore to Varrasana Ispat Ltd., repayable in eight equal quarterly installments with interest at 13.75% per annum. The loan agreement was dated 13/12/2013, and an addendum was made on 30/12/2013. The corporate debtor defaulted on the second installment, due on 30/11/2015. The applicant bank had sanctioned and granted financial assistance to the corporate debtor in the form of a term loan of Rs.25,00,00,000/- repayable in
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The case involves an application filed by SBER Bank, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate corporate insolvency resolution process against Varrasana Ispat Ltd., the corporate debtor. SBER Bank claimed that Varrasana Ispat Ltd. defaulted on a payment of Rs. 30,26,92,543.77 as of 10/10/2017. The corporate debtor contested the application, arguing that the petition was not maintainable because the person who filed the application on behalf of SBER Bank, Aleksei Nikolaevich Kechko, lacked the authority to do so. The corporate debtor also claimed that the financial creditor failed to implement restructuring and provide required limits, leading to a decline in the corporate debtor's turnover. The applicant bank
…SBER Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against Varrasana Ispat Ltd., the corporate debtor. The application was based on a default in payment of Rs. 30,26,92,543.77 as of 10/10/2017. SBER Bank had granted a term loan of Rs. 25 crore to Varrasana Ispat Ltd., repayable in eight equal quarterly installments with interest at 13.75% per annum. The loan agreement was dated 13/12/2013, and an addendum was made on 30/12/2013. The corporate debtor defaulted on the second installment, due on 30/11/2015. The applicant bank had sanctioned and granted financial assistance to the corporate debtor in the form of a term loan of Rs.25,00,00,000/- repayable in
…Credit facility…
Rs.25,00,00,000/- was…