State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against A A Estates Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to an unresolved financial debt of Rs. 1,35,26,12,129/-. The corporate debtor had approached the petitioner for credit facilities, which were granted in 2012. The corporate debtor defaulted on 31.03.2014, leading to the account being classified as NPA. Despite restructuring and a compromise proposal, the default continued, prompting the petitioner to file the application before the NCLT.
A A Estates Private Limited approached State Bank of India (SBI) for credit facilities, which were sanctioned on 18.02.2012, amounting to Rs. 70,00,00,000/-. The credit facilities were secured by a pari passu charge on flats, mortgage of land owned by RNA Corp Pvt. Ltd., and personal guarantees. The Corporate Debtor first defaulted on 31.03.2014. SBI restructured the loan in March 2014, extending the DCCO. The Corporate Debtor acknowledged the debt in a revival letter dated 18.03.2014. The account was classified as NPA on 30.06.2014. SBI issued legal demand notices and initiated SARFAESI proceedings. The Corporate Debtor submitted a compromise proposal on 31.01.2018, admitting to an outstanding principal amount of Rs. 59.33 Crores. The last payment received from the
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The Corporate Debtor…
The Petitioner granted Cash Credit Facilities…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against A A Estates Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to an unresolved financial debt of Rs. 1,35,26,12,129/-. The corporate debtor had approached the petitioner for credit facilities, which were granted in 2012. The corporate debtor defaulted on 31.03.2014, leading to the account being classified as NPA. Despite restructuring and a compromise proposal, the default continued, prompting the petitioner to file the application before the NCLT.
A A Estates Private Limited approached State Bank of India (SBI) for credit facilities, which were sanctioned on 18.02.2012, amounting to Rs. 70,00,00,000/-. The credit facilities were secured by a pari passu charge on flats, mortgage of land owned by RNA Corp Pvt. Ltd., and personal guarantees. The Corporate Debtor first defaulted on 31.03.2014. SBI restructured the loan in March 2014, extending the DCCO. The Corporate Debtor acknowledged the debt in a revival letter dated 18.03.2014. The account was classified as NPA on 30.06.2014. SBI issued legal demand notices and initiated SARFAESI proceedings. The Corporate Debtor submitted a compromise proposal on 31.01.2018, admitting to an outstanding principal amount of Rs. 59.33 Crores. The last payment received from the
…The Corporate Debtor…
The Petitioner granted Cash Credit Facilities…