Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against J. Khetsidas Machine Tool Works Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's default in payment of financial debt. The Financial Creditor had granted various credit facilities to the Corporate Debtor, and the Corporate Debtor had provided security by executing various security documents. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 16.03.2021.
Small Industries Development Bank of India (SIDBI) extended credit facilities to J. Khetsidas Machine Tool Works Private Limited. The Corporate Debtor defaulted on repayments, leading to its account being classified as a Non-Performing Asset (NPA) on 16.03.2021. The outstanding financial debt amounted to Rs.4,94,01,445.67/- as of 10.12.2023. SIDBI issued a Recall cum Demand Notice under Section 38 of the SIDBI Act on 12.05.2021, a Letter for Invocation of Guarantee on 13.10.2022, and a demand notice under Section 13(2) of the SARFAESI Act, 2002 on 16.03.2023. The Corporate Debtor proposed a One Time Settlement offer of Rs.1,25,00,000 on 29.07.2023, which was rejected by SIDBI on 18.08.2023. SIDBI filed a petition under Section 7 of the Insolvency and Bankruptcy Code,
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The Corporate Debtor's…
SIDBI issued a Recall…
Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against J. Khetsidas Machine Tool Works Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's default in payment of financial debt. The Financial Creditor had granted various credit facilities to the Corporate Debtor, and the Corporate Debtor had provided security by executing various security documents. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 16.03.2021.
Small Industries Development Bank of India (SIDBI) extended credit facilities to J. Khetsidas Machine Tool Works Private Limited. The Corporate Debtor defaulted on repayments, leading to its account being classified as a Non-Performing Asset (NPA) on 16.03.2021. The outstanding financial debt amounted to Rs.4,94,01,445.67/- as of 10.12.2023. SIDBI issued a Recall cum Demand Notice under Section 38 of the SIDBI Act on 12.05.2021, a Letter for Invocation of Guarantee on 13.10.2022, and a demand notice under Section 13(2) of the SARFAESI Act, 2002 on 16.03.2023. The Corporate Debtor proposed a One Time Settlement offer of Rs.1,25,00,000 on 29.07.2023, which was rejected by SIDBI on 18.08.2023. SIDBI filed a petition under Section 7 of the Insolvency and Bankruptcy Code,
…The Corporate Debtor's…
SIDBI issued a Recall…