The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S. Action Ispat and Power Private Limited, the Corporate Debtor. The application was filed on 13.08.2018. The Corporate Debtor is a steel manufacturer with a steel plant in Jharsuguda, Odisha. In 2007, the Corporate Debtor approached the State Bank of India to avail various credit facilities. The Adjudicating Authority issued notice in the application on 31st August, 2018. Subsequently, the Applicant filed IA-481/2021, seeking substitution of SBI with CFM Asset Reconstruction Pvt. Ltd., as the debt payable to SBI was assigned to the Asset Reconstruction Company through an assignment
…The State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. Action Ispat and Power Private Limited, the Corporate Debtor. The application was filed on 13.08.2018. The Corporate Debtor is a steel manufacturer located in Jharsuguda, Odisha, and had availed credit facilities from SBI in 2007. The total outstanding amount was Rs. 722,75,802,815.10 as of 30.06.2018. SBI later sought to substitute itself with CFM Asset Reconstruction Pvt. Ltd. The Corporate Debtor objected to the application, arguing that it was barred by limitation, claiming the date of NPA was 31.03.2013. SBI countered that a letter dated 16.07.2016 from the Corporate Debtor
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The Corporate Debtor approached the State…
The Corporate Debtor claimed the date of…
The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S. Action Ispat and Power Private Limited, the Corporate Debtor. The application was filed on 13.08.2018. The Corporate Debtor is a steel manufacturer with a steel plant in Jharsuguda, Odisha. In 2007, the Corporate Debtor approached the State Bank of India to avail various credit facilities. The Adjudicating Authority issued notice in the application on 31st August, 2018. Subsequently, the Applicant filed IA-481/2021, seeking substitution of SBI with CFM Asset Reconstruction Pvt. Ltd., as the debt payable to SBI was assigned to the Asset Reconstruction Company through an assignment
…The State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. Action Ispat and Power Private Limited, the Corporate Debtor. The application was filed on 13.08.2018. The Corporate Debtor is a steel manufacturer located in Jharsuguda, Odisha, and had availed credit facilities from SBI in 2007. The total outstanding amount was Rs. 722,75,802,815.10 as of 30.06.2018. SBI later sought to substitute itself with CFM Asset Reconstruction Pvt. Ltd. The Corporate Debtor objected to the application, arguing that it was barred by limitation, claiming the date of NPA was 31.03.2013. SBI countered that a letter dated 16.07.2016 from the Corporate Debtor
…The Corporate Debtor approached the State…
The Corporate Debtor claimed the date of…