The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Abhijeet Ferrotech Limited for a default amount of Rs. 144,70,88,690. The application was initially filed in the National Company Law Tribunal, Kolkata Bench, and later transferred to the Cuttack Bench. The applicant had also issued a notice under Section 13(2) of the SARFAESI Act, 2002, and initiated proceedings under Section 19 of the Recovery of Debts Due to the Banks and Financial Institutions Act, 1993, before the DRT-II, Kolkata, which were rejected. The applicant preferred an appeal against the rejection before the DRAT. The Tribunal initially rejected the application, but the NCLAT set aside the Tribunal's order and revived the application.
The State Bank of India (SBI) sanctioned credit facilities to Abhijeet Ferrotech Limited (AFL). SBI filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against AFL due to a default of Rs. 144,70,88,690. AFL's account was declared a Non-Performing Asset (NPA) on 31.03.2013. SBI and other consortium lenders entered into a Master Restructuring Agreement (MRA) with AFL on 28.09.2013. SBI restructured the credit facilities in favor of AFL on 14.02.2014. AFL failed to meet the terms of the Corporate Debt Restructuring, and the account was again declared an NPA on 30.09.2016. SBI recalled the entire loan on 25.11.2016. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 17.02.2017, and a demand notice on 18.05.2018. AFL proposed
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State Bank of India…
The Tribunal i…
The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Abhijeet Ferrotech Limited for a default amount of Rs. 144,70,88,690. The application was initially filed in the National Company Law Tribunal, Kolkata Bench, and later transferred to the Cuttack Bench. The applicant had also issued a notice under Section 13(2) of the SARFAESI Act, 2002, and initiated proceedings under Section 19 of the Recovery of Debts Due to the Banks and Financial Institutions Act, 1993, before the DRT-II, Kolkata, which were rejected. The applicant preferred an appeal against the rejection before the DRAT. The Tribunal initially rejected the application, but the NCLAT set aside the Tribunal's order and revived the application.
The State Bank of India (SBI) sanctioned credit facilities to Abhijeet Ferrotech Limited (AFL). SBI filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against AFL due to a default of Rs. 144,70,88,690. AFL's account was declared a Non-Performing Asset (NPA) on 31.03.2013. SBI and other consortium lenders entered into a Master Restructuring Agreement (MRA) with AFL on 28.09.2013. SBI restructured the credit facilities in favor of AFL on 14.02.2014. AFL failed to meet the terms of the Corporate Debt Restructuring, and the account was again declared an NPA on 30.09.2016. SBI recalled the entire loan on 25.11.2016. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 17.02.2017, and a demand notice on 18.05.2018. AFL proposed
…State Bank of India…
The Tribunal i…