State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kandla Energy and Chemicals Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the corporate debtor's default on financial facilities granted by the applicant. The corporate debtor raised objections, including the application being defective, time-barred, and challenging the terms of the financial facilities. The applicant countered these objections, asserting the validity of the application and the existence of a debt and default.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Kandla Energy and Chemicals Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). SBI had granted various credit facilities to Kandla Energy and Chemicals Limited totaling Rs. 171.85 crore on 22.01.2013. Due to non-payment, the account was classified as a Non-Performing Asset (NPA) on 22.07.2014. SBI filed an Original Application before the Debt Recovery Tribunal (DRT), Ahmedabad, on 21.10.2015, for a claim of Rs. 125,95,46,082.83. The corporate debtor proposed one-time settlements on 01.12.2016, 12.04.2017, 28.06.2017 and 22.09.2017. DRT, Ahmedabad, passed an order on 25.06.2018, allowing SBI's application. The corporate
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State Bank of India granted various credit…
Due to non-payment, the account of Kandla…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kandla Energy and Chemicals Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the corporate debtor's default on financial facilities granted by the applicant. The corporate debtor raised objections, including the application being defective, time-barred, and challenging the terms of the financial facilities. The applicant countered these objections, asserting the validity of the application and the existence of a debt and default.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Kandla Energy and Chemicals Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). SBI had granted various credit facilities to Kandla Energy and Chemicals Limited totaling Rs. 171.85 crore on 22.01.2013. Due to non-payment, the account was classified as a Non-Performing Asset (NPA) on 22.07.2014. SBI filed an Original Application before the Debt Recovery Tribunal (DRT), Ahmedabad, on 21.10.2015, for a claim of Rs. 125,95,46,082.83. The corporate debtor proposed one-time settlements on 01.12.2016, 12.04.2017, 28.06.2017 and 22.09.2017. DRT, Ahmedabad, passed an order on 25.06.2018, allowing SBI's application. The corporate
…State Bank of India granted various credit…
Due to non-payment, the account of Kandla…