The State Bank of India (SBI), acting as the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s G S Biotech Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's default on a financial debt amounting to Rs. 773,30,22,118.85 as of 30.09.2022. The Corporate Debtor had acted as a corporate guarantor for M/s G.S. Oils Limited, the principal borrower, which defaulted on its financial obligations, leading to its account being declared a Non-Performing Asset (NPA) on 11.07.2012. SBI sought the initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Corporate Debtor opposed the
…State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s G S Biotech Limited, the Corporate Debtor, due to a default on a financial debt. The outstanding debt amounted to Rs. 773,30,22,118.85 as of 30.09.2022. M/s G S Biotech Limited acted as a corporate guarantor for M/s G.S. Oils Limited, the principal borrower. M/s G.S. Oils Limited defaulted on its financial obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 11.07.2012. SBI issued a notice dated 13.09.2012 under Section 13(2) of the SARFAESI Act. SBI filed OA No.451 of 2014 before the DRT-I, Hyderabad, to recover the outstanding dues. The DRT passed an order in Recovery Certificate No.451 of 2014 dated 10.01.2020,
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The State Bank of India (SBI), acting as the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s G S Biotech Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's default on a financial debt amounting to Rs. 773,30,22,118.85 as of 30.09.2022. The Corporate Debtor had acted as a corporate guarantor for M/s G.S. Oils Limited, the principal borrower, which defaulted on its financial obligations, leading to its account being declared a Non-Performing Asset (NPA) on 11.07.2012. SBI sought the initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Corporate Debtor opposed the
…State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s G S Biotech Limited, the Corporate Debtor, due to a default on a financial debt. The outstanding debt amounted to Rs. 773,30,22,118.85 as of 30.09.2022. M/s G S Biotech Limited acted as a corporate guarantor for M/s G.S. Oils Limited, the principal borrower. M/s G.S. Oils Limited defaulted on its financial obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 11.07.2012. SBI issued a notice dated 13.09.2012 under Section 13(2) of the SARFAESI Act. SBI filed OA No.451 of 2014 before the DRT-I, Hyderabad, to recover the outstanding dues. The DRT passed an order in Recovery Certificate No.451 of 2014 dated 10.01.2020,
…The loan account of M/s…
Notice issued under section 13(2) of…