The case involves an application filed by ASREC (India) Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Balaji Stake Rice Industries Limited, the Corporate Debtor. The Corporate Debtor had availed credit facilities from State Bank of Hyderabad (later merged with State Bank of India) since 2005, secured by personal guarantees, hypothecation of raw materials, plant, machinery, and equitable mortgage of factory and agricultural lands. The Corporate Debtor defaulted on repayments, leading to its account being classified as Non-Performing Asset (NPA) on March 8, 2013. The Banker assigned the title, interest, securities, and dues payable by the
…Balaji Stake Rice Industries Limited (Corporate Debtor) availed credit facilities from State Bank of Hyderabad (later merged with State Bank of India) since 2005. These facilities were secured by personal guarantees, hypothecation of raw materials, plant, machinery, and equitable mortgage of factory and agricultural lands. The Corporate Debtor defaulted in repayment of interest and installments, leading to its account being classified as Non-Performing Asset (NPA) on March 8, 2013. On September 30, 2014, the Banker assigned the title, interest, securities, and dues payable by the Corporate Debtor to ASREC (India) Limited (Financial Creditor). The Corporate Debtor proposed One Time Settlement (OTS) offers on September 12, 2016, and October 3, 2016, for Rs.12.25 Crores
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The case involves an application filed by ASREC (India) Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Balaji Stake Rice Industries Limited, the Corporate Debtor. The Corporate Debtor had availed credit facilities from State Bank of Hyderabad (later merged with State Bank of India) since 2005, secured by personal guarantees, hypothecation of raw materials, plant, machinery, and equitable mortgage of factory and agricultural lands. The Corporate Debtor defaulted on repayments, leading to its account being classified as Non-Performing Asset (NPA) on March 8, 2013. The Banker assigned the title, interest, securities, and dues payable by the
…Balaji Stake Rice Industries Limited (Corporate Debtor) availed credit facilities from State Bank of Hyderabad (later merged with State Bank of India) since 2005. These facilities were secured by personal guarantees, hypothecation of raw materials, plant, machinery, and equitable mortgage of factory and agricultural lands. The Corporate Debtor defaulted in repayment of interest and installments, leading to its account being classified as Non-Performing Asset (NPA) on March 8, 2013. On September 30, 2014, the Banker assigned the title, interest, securities, and dues payable by the Corporate Debtor to ASREC (India) Limited (Financial Creditor). The Corporate Debtor proposed One Time Settlement (OTS) offers on September 12, 2016, and October 3, 2016, for Rs.12.25 Crores
…Corporate Debtor…
Corporate Debtor's…