State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hardrock Attachments Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on payments of a loan amounting to Rs. 34,76,00,000/-. The petition was filed on 05 December, 2021.
State Bank of India (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hardrock Attachments Private Limited (Corporate Debtor) for initiation of CIRP. The Financial Creditor disbursed Rs. 34,76,00,000/- to the Corporate Debtor under various facilities. The Corporate Debtor defaulted on payments, with the outstanding amount being Rs. 64,55,80,125.70 as of 31 October, 2021. The date of default was stated as 28 December, 2013. The Corporate Debtor mortgaged immovable properties to avail the facilities. The Financial Creditor had already filed a recovery proceeding before the Debt Recovery Tribunal, Ranchi, based on a recovery certificate. The Financial Creditor also attempted to sell one of the attached properties
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State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hardrock Attachments Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on payments of a loan amounting to Rs. 34,76,00,000/-. The petition was filed on 05 December, 2021.
State Bank of India (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hardrock Attachments Private Limited (Corporate Debtor) for initiation of CIRP. The Financial Creditor disbursed Rs. 34,76,00,000/- to the Corporate Debtor under various facilities. The Corporate Debtor defaulted on payments, with the outstanding amount being Rs. 64,55,80,125.70 as of 31 October, 2021. The date of default was stated as 28 December, 2013. The Corporate Debtor mortgaged immovable properties to avail the facilities. The Financial Creditor had already filed a recovery proceeding before the Debt Recovery Tribunal, Ranchi, based on a recovery certificate. The Financial Creditor also attempted to sell one of the attached properties
…The Corporate Debtor…
The Insolvency and…