SBM Bank (India) Limited, the 'Applicant/Financial Creditor', filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Feedback Energy Distribution Company Limited, the 'Respondent'. The Respondent company was incorporated on 29.10.2012. The Applicant claimed default on financial assistance granted to the Respondent, including OD Facility and WTCL. The Respondent argued that no default was committed, citing various reasons including defective application, the pendency of recovery from its clients, and the applicability of Section 10A of IBC.
SBM Bank (India) Limited ('Applicant/Financial Creditor') filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Feedback Energy Distribution Company Limited ('Respondent'). The Respondent was incorporated on 29.10.2012. The Applicant granted financial assistance to the Respondent, including an OD Facility of Rs. 20,00,00,000/- and WTCL for Rs. 3,98,00,000/- via sanction letters dated 17.01.2020, 24.01.2020, and 21.01.2021. Repayment was to be made by the 31st or the last day of the month. The Respondent defaulted on payments in July, August, September, and October. The account was classified as a default account, and a notice dated 20.10.2021 was sent to the Principal Borrower.
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Feedback Energy…
Sanction Letter dated 17.01.2020 providing Over…
SBM Bank (India) Limited, the 'Applicant/Financial Creditor', filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Feedback Energy Distribution Company Limited, the 'Respondent'. The Respondent company was incorporated on 29.10.2012. The Applicant claimed default on financial assistance granted to the Respondent, including OD Facility and WTCL. The Respondent argued that no default was committed, citing various reasons including defective application, the pendency of recovery from its clients, and the applicability of Section 10A of IBC.
SBM Bank (India) Limited ('Applicant/Financial Creditor') filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Feedback Energy Distribution Company Limited ('Respondent'). The Respondent was incorporated on 29.10.2012. The Applicant granted financial assistance to the Respondent, including an OD Facility of Rs. 20,00,00,000/- and WTCL for Rs. 3,98,00,000/- via sanction letters dated 17.01.2020, 24.01.2020, and 21.01.2021. Repayment was to be made by the 31st or the last day of the month. The Respondent defaulted on payments in July, August, September, and October. The account was classified as a default account, and a notice dated 20.10.2021 was sent to the Principal Borrower.
…Feedback Energy…
Sanction Letter dated 17.01.2020 providing Over…