The case involves a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bil Energy Systems Limited due to default in payment of a financial debt. The financial creditor claims that the corporate debtor failed to pay an outstanding financial debt of Rs. 1,67,27,51,707.86 as of 31.10.2019, with the date of default being 01.10.2012 and the date of Non-Performing Asset being 30.12.2012. The corporate debtor had approached the financial creditor in 2011 for financial assistance, which was sanctioned in the form of credit facilities. The corporate debtor raised the issue of limitation, arguing that the petition was filed beyond the 3-year limitation
…State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Bil Energy Systems Limited. The financial creditor claimed a default of Rs. 1,67,27,51,707.86 as of 31.10.2019, with the default occurring on 01.10.2012 and the account becoming an NPA on 30.12.2012. The corporate debtor had approached the financial creditor for financial assistance in 2011, and credit facilities were sanctioned. The corporate debtor acknowledged the debt in financial statements and through a One Time Settlement (OTS) offer dated 30.09.2016. The corporate debtor argued that the petition was barred by limitation, as it was filed more than three years after the demand recall notice issued on 04.07.2014. The financial creditor
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The Corporate Debtor…
The Financial Creditor issued a Sanction…
The case involves a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bil Energy Systems Limited due to default in payment of a financial debt. The financial creditor claims that the corporate debtor failed to pay an outstanding financial debt of Rs. 1,67,27,51,707.86 as of 31.10.2019, with the date of default being 01.10.2012 and the date of Non-Performing Asset being 30.12.2012. The corporate debtor had approached the financial creditor in 2011 for financial assistance, which was sanctioned in the form of credit facilities. The corporate debtor raised the issue of limitation, arguing that the petition was filed beyond the 3-year limitation
…State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Bil Energy Systems Limited. The financial creditor claimed a default of Rs. 1,67,27,51,707.86 as of 31.10.2019, with the default occurring on 01.10.2012 and the account becoming an NPA on 30.12.2012. The corporate debtor had approached the financial creditor for financial assistance in 2011, and credit facilities were sanctioned. The corporate debtor acknowledged the debt in financial statements and through a One Time Settlement (OTS) offer dated 30.09.2016. The corporate debtor argued that the petition was barred by limitation, as it was filed more than three years after the demand recall notice issued on 04.07.2014. The financial creditor
…The Corporate Debtor…
The Financial Creditor issued a Sanction…