State Bank of India (SBI) filed a petition against K.V Aromatics Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a 'Financial Creditor'. SBI asserted that K.V Aromatics defaulted on a total amount of Rs. 31,20,948.45 as of December 31, 2019. The outstanding amount, including accrued interest, was Rs. 128,28,29,342.52 as of February 24, 2021. However, another petition, Company Petition (IB)-20(PB)/2021) M/s. ICICI v. K.V Aromatics Private Limited, had already been admitted against K.V Aromatics, vide order dated March 15, 2022. The court noted that another Corporate Insolvency Process cannot be initiated against a corporate debtor already undergoing a corporate insolvency resolution process.

State Bank of India (SBI) filed a petition against K.V Aromatics Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a 'Financial Creditor'. SBI asserted that K.V Aromatics defaulted on a total amount of Rs. 31,20,948.45 as of December 31, 2019. The outstanding amount, including accrued interest, was Rs. 128,28,29,342.52 as of February 24, 2021. However, another petition, Company Petition (IB)-20(PB)/2021) M/s. ICICI v. K.V Aromatics Private Limited, had already been admitted against K.V Aromatics, vide order dated March 15, 2022. The court noted that another Corporate Insolvency Process cannot be initiated against a corporate debtor already undergoing a corporate insolvency resolution process.