Satya Iron & Steels Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to its inability to repay debts. Bank of Baroda, being a secured financial creditor, opposed the application, alleging fraudulent intent and seeking dismissal of the application with imposition of penalty under Section 65 of IBC.
Satya Iron & Steels Private Limited filed CP (IB) No. 53/CB/2024 under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Applicant was incorporated on 29.08.2006 and is involved in manufacturing Lancing Pipes and Rolling Mill.
The Corporate Applicant defaulted in payment of Rs. 27,12,04,496.93/- to its Financial Creditor and Rs. 37,56,43,198/- to all its Operational Creditors as on 01.08.2024.
Bank of Baroda classified the loan account of the Corporate Applicant as a non-performing asset on 18.06.2024 and initiated proceedings under section 13(2) of the SARFAESI Act, 2002.
The Corporate Applicant submitted OTS proposals to the Bank, which were rejected.
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The Corporate Applicant…
The Corporate Applicant…
Satya Iron & Steels Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to its inability to repay debts. Bank of Baroda, being a secured financial creditor, opposed the application, alleging fraudulent intent and seeking dismissal of the application with imposition of penalty under Section 65 of IBC.
Satya Iron & Steels Private Limited filed CP (IB) No. 53/CB/2024 under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Applicant was incorporated on 29.08.2006 and is involved in manufacturing Lancing Pipes and Rolling Mill.
The Corporate Applicant defaulted in payment of Rs. 27,12,04,496.93/- to its Financial Creditor and Rs. 37,56,43,198/- to all its Operational Creditors as on 01.08.2024.
Bank of Baroda classified the loan account of the Corporate Applicant as a non-performing asset on 18.06.2024 and initiated proceedings under section 13(2) of the SARFAESI Act, 2002.
The Corporate Applicant submitted OTS proposals to the Bank, which were rejected.
…The Corporate Applicant…
The Corporate Applicant…