Central Bank of India, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against Best & Crompton Engineering Projects Limited.

The Corporate Debtor was granted credit facilities by the Banks in December 2010.

The Corporate Debtor's account was classified as NPA due to non-servicing of interest.

The consortium Banks filed an application before the DRT for recovery of loan amount along with interest.

The DRT passed an order on 18.05.2018 and issued a debt recovery certificate on 14.08.2018 for a sum of Rs. 507,22,85,234.93.

The Corporate Debtor defaulted to repay the amount despite a demand notice dated 14.08.2018.

The Corporate Debtor acknowledged the debt in its balance sheets for the financial year 2021-2022.

Central Bank of India, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against Best & Crompton Engineering Projects Limited.

The Corporate Debtor was granted credit facilities by the Banks in December 2010.

The Corporate Debtor's account was classified as NPA due to non-servicing of interest.

The consortium Banks filed an application before the DRT for recovery of loan amount along with interest.

The DRT passed an order on 18.05.2018 and issued a debt recovery certificate on 14.08.2018 for a sum of Rs. 507,22,85,234.93.

The Corporate Debtor defaulted to repay the amount despite a demand notice dated 14.08.2018.

The Corporate Debtor acknowledged the debt in its balance sheets for the financial year 2021-2022.