State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sri Ramani Resorts and Hotels Pvt. Ltd. seeking initiation of the Corporate Insolvency Resolution Process (CIRP).
State Bank of India, the Financial Creditor, claimed a sum of Rs. 21,67,53,162.30 as financial debt.
The Corporate Debtor, Sri Ramani Resorts and Hotels Pvt. Ltd., is a limited company incorporated on 20.05.2021.
The date of occurrence of default is mentioned as 13.11.2019.
The Corporate Debtor availed a credit facility of Rs. 15,00,00,000 from the Financial Creditor.
The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 30.07.2016.
The Financial Creditor filed OA No. 242/2017 before DRT-II, Chennai for recovery of Rs. 15,18,93,952.
The Corporate Debtor admitted its liability to the Financial Creditor by offering one-time settlement proposals.
The Financial Creditor issued a Demand Notice dated 12.08.2016 under Section 13(2) of the SARFAESI Act.
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Account of the…
Date of occurr…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sri Ramani Resorts and Hotels Pvt. Ltd. seeking initiation of the Corporate Insolvency Resolution Process (CIRP).
State Bank of India, the Financial Creditor, claimed a sum of Rs. 21,67,53,162.30 as financial debt.
The Corporate Debtor, Sri Ramani Resorts and Hotels Pvt. Ltd., is a limited company incorporated on 20.05.2021.
The date of occurrence of default is mentioned as 13.11.2019.
The Corporate Debtor availed a credit facility of Rs. 15,00,00,000 from the Financial Creditor.
The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 30.07.2016.
The Financial Creditor filed OA No. 242/2017 before DRT-II, Chennai for recovery of Rs. 15,18,93,952.
The Corporate Debtor admitted its liability to the Financial Creditor by offering one-time settlement proposals.
The Financial Creditor issued a Demand Notice dated 12.08.2016 under Section 13(2) of the SARFAESI Act.
…Account of the…
Date of occurr…