State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Arjun Chemicals (P) Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on a default in loan repayment. The Financial Creditor, State Bank of India, claimed that a sum of Rs.47.40 crores was sanctioned to the Corporate Debtor in 2018, with an outstanding loan of Rs.56,32,52,142.22 as of 30.06.2021. Several hearings took place, during which settlement talks were underway. The Corporate Debtor proposed a One Time Settlement (OTS), which was initially accepted in principle by the Financial Creditor. The Corporate Debtor also paid Rs. 2 crores towards the settlement. However, the matter was prolonged, and the
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Arjun Chemicals (P) Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). SBI claimed that Rs.47.40 crores was sanctioned to Arjun Chemicals in 2018, with an outstanding loan of Rs.56,32,52,142.22 as of 30.06.2021. Notice was issued on 16.12.2021, and the matter was heard on 10.01.2022. Settlement talks were underway, and Arjun Chemicals proposed a One Time Settlement (OTS), which SBI initially accepted in principle. Arjun Chemicals paid Rs. 2 crores towards the OTS. SBI accepted the OTS on 30.11.2021. Arjun Chemicals paid Rs.2 crores on 30.09.2022 and Rs.8 crores on 15.10.2022. SBI
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Rs.47.40 crores was…
The outstandi…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Arjun Chemicals (P) Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on a default in loan repayment. The Financial Creditor, State Bank of India, claimed that a sum of Rs.47.40 crores was sanctioned to the Corporate Debtor in 2018, with an outstanding loan of Rs.56,32,52,142.22 as of 30.06.2021. Several hearings took place, during which settlement talks were underway. The Corporate Debtor proposed a One Time Settlement (OTS), which was initially accepted in principle by the Financial Creditor. The Corporate Debtor also paid Rs. 2 crores towards the settlement. However, the matter was prolonged, and the
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Arjun Chemicals (P) Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). SBI claimed that Rs.47.40 crores was sanctioned to Arjun Chemicals in 2018, with an outstanding loan of Rs.56,32,52,142.22 as of 30.06.2021. Notice was issued on 16.12.2021, and the matter was heard on 10.01.2022. Settlement talks were underway, and Arjun Chemicals proposed a One Time Settlement (OTS), which SBI initially accepted in principle. Arjun Chemicals paid Rs. 2 crores towards the OTS. SBI accepted the OTS on 30.11.2021. Arjun Chemicals paid Rs.2 crores on 30.09.2022 and Rs.8 crores on 15.10.2022. SBI
…Rs.47.40 crores was…
The outstandi…