The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Advanatge Overseas Private Limited, claiming a default of INR 2730,51,66,175.58 as of February 28, 2023. The Corporate Debtor is a private company incorporated on October 18, 2004. The Financial Creditor had granted facilities to the Corporate Debtor, and various agreements and guarantees were executed to secure these amounts. The Corporate Debtor failed to adhere to the terms of the facility, leading to the loan account being classified as a Non-Performing Asset (NPA). The Financial Creditor issued a legal notice on January 7, 2019, and subsequently filed an OA before the Debts Recovery Tribunal
…State Bank of India (SBI), the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Advanatge Overseas Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on October 18, 2004. SBI had extended financial facilities to the Corporate Debtor, secured by various agreements and guarantees. The Corporate Debtor defaulted on its obligations, leading to its loan account being classified as a Non-Performing Asset (NPA). The total outstanding amount was INR 2730,51,66,175.58 as of February 28, 2023. SBI issued a legal notice on January 7, 2019, demanding repayment. Subsequently, SBI filed an OA before the Debts Recovery Tribunal (DRT), Jabalpur,
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Corporate Debtor,…
Corporate Debtor…
The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Advanatge Overseas Private Limited, claiming a default of INR 2730,51,66,175.58 as of February 28, 2023. The Corporate Debtor is a private company incorporated on October 18, 2004. The Financial Creditor had granted facilities to the Corporate Debtor, and various agreements and guarantees were executed to secure these amounts. The Corporate Debtor failed to adhere to the terms of the facility, leading to the loan account being classified as a Non-Performing Asset (NPA). The Financial Creditor issued a legal notice on January 7, 2019, and subsequently filed an OA before the Debts Recovery Tribunal
…State Bank of India (SBI), the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Advanatge Overseas Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on October 18, 2004. SBI had extended financial facilities to the Corporate Debtor, secured by various agreements and guarantees. The Corporate Debtor defaulted on its obligations, leading to its loan account being classified as a Non-Performing Asset (NPA). The total outstanding amount was INR 2730,51,66,175.58 as of February 28, 2023. SBI issued a legal notice on January 7, 2019, demanding repayment. Subsequently, SBI filed an OA before the Debts Recovery Tribunal (DRT), Jabalpur,
…Corporate Debtor,…
Corporate Debtor…