Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. S.S. ALUMINIUM PRIVATE LIMITED due to a default amount of Rs. 15,88,33,394.26.
Canara Bank sanctioned credit facilities to M/S. S.S. ALUMINIUM PRIVATE LIMITED, including cash credit and term loans, for the modernization and expansion of its aluminium plant.
The respondent requested and received additional loans and increases in credit facilities from the financial creditor.
The respondent failed to pay installments and defaulted on interest payments, leading to the loan accounts being classified as Non-Performing Assets (NPA) on 11.05.2021.
The Financial Creditor initiated proceedings under the SARFAESI Act, 2002, and issued notices for sale/auction of mortgaged properties.
The respondent submitted One Time Settlement (OTS) proposals, acknowledging liability towards the outstanding debt.
…Sign in to view the parties.
Canara Bank fi…
The Tribunal allowed the Interlocutory…
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. S.S. ALUMINIUM PRIVATE LIMITED due to a default amount of Rs. 15,88,33,394.26.
Canara Bank sanctioned credit facilities to M/S. S.S. ALUMINIUM PRIVATE LIMITED, including cash credit and term loans, for the modernization and expansion of its aluminium plant.
The respondent requested and received additional loans and increases in credit facilities from the financial creditor.
The respondent failed to pay installments and defaulted on interest payments, leading to the loan accounts being classified as Non-Performing Assets (NPA) on 11.05.2021.
The Financial Creditor initiated proceedings under the SARFAESI Act, 2002, and issued notices for sale/auction of mortgaged properties.
The respondent submitted One Time Settlement (OTS) proposals, acknowledging liability towards the outstanding debt.
…Canara Bank fi…
The Tribunal allowed the Interlocutory…