State Bank of India, Colombo, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking reliefs under Section 7(5)(a) and Section 13 of the Code against Western Refrigeration Private Limited, a private limited company registered under the Companies Act. The petitioner bank had extended credit facilities to M/s. Haikawa Industries (P) Limited, which was guaranteed by M/s. Western Refrigeration Private Limited. Haikawa Industries defaulted on payments, leading the bank to issue a legal notice to Western Refrigeration demanding payment. Western Refrigeration disputed the claim, stating the matter was sub-judice and pending in Debt Recovery Tribunal (DRT), Mumbai. The petitioner bank filed an additional affidavit enclosing the Memorandum of
…State Bank of India, Colombo, extended credit facilities to M/s. Haikawa Industries (P) Limited, which was guaranteed by M/s. Western Refrigeration Private Limited. Haikawa Industries defaulted on the loan. State Bank of India issued a legal notice to Western Refrigeration demanding payment of Rs. 49,27,02,852.08 as on 31.1.2017. Western Refrigeration replied, stating the matter was sub-judice and pending in Debt Recovery Tribunal (DRT), Mumbai. Western Refrigeration had sent a letter to State Bank of India on 30th March, 2010, stating that the Corporate Guarantee stood discontinued and determined with immediate effect, which was acknowledged by the Petitioner Bank. State Bank of India filed OA No. 242 of 2013 before the DRT against Western Refrigeration and other
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Respondent C…
Respondent Company sent a letter to the…
State Bank of India, Colombo, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking reliefs under Section 7(5)(a) and Section 13 of the Code against Western Refrigeration Private Limited, a private limited company registered under the Companies Act. The petitioner bank had extended credit facilities to M/s. Haikawa Industries (P) Limited, which was guaranteed by M/s. Western Refrigeration Private Limited. Haikawa Industries defaulted on payments, leading the bank to issue a legal notice to Western Refrigeration demanding payment. Western Refrigeration disputed the claim, stating the matter was sub-judice and pending in Debt Recovery Tribunal (DRT), Mumbai. The petitioner bank filed an additional affidavit enclosing the Memorandum of
…State Bank of India, Colombo, extended credit facilities to M/s. Haikawa Industries (P) Limited, which was guaranteed by M/s. Western Refrigeration Private Limited. Haikawa Industries defaulted on the loan. State Bank of India issued a legal notice to Western Refrigeration demanding payment of Rs. 49,27,02,852.08 as on 31.1.2017. Western Refrigeration replied, stating the matter was sub-judice and pending in Debt Recovery Tribunal (DRT), Mumbai. Western Refrigeration had sent a letter to State Bank of India on 30th March, 2010, stating that the Corporate Guarantee stood discontinued and determined with immediate effect, which was acknowledged by the Petitioner Bank. State Bank of India filed OA No. 242 of 2013 before the DRT against Western Refrigeration and other
…Respondent C…
Respondent Company sent a letter to the…