The case involves a Company Petition filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kosas Industries Private Limited (Corporate Debtor). The petition was initially rejected by the Adjudicating Authority on the grounds of limitation on 09.02.2023. An appeal was filed before the National Company Law Appellate Tribunal (NCLAT), which allowed the appeal on 14.09.2023, setting aside the impugned order and remitting the matter back to the Adjudicating Authority. The NCLAT noted a settlement agreement dated 14.03.2018, which was not considered in the initial order. The applicant then filed a Restoration Application No.35/2023 on
…State Bank of India (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kosas Industries Private Limited (Corporate Debtor). The Financial Creditor had sanctioned debt facilities to the Corporate Debtor amounting to Rs.49,04,00,000/- on 07.05.2011, which were renewed and enhanced over time. The Corporate Debtor's account was classified as NPA on 28.12.2015. The Financial Creditor initiated securitization proceedings against the Corporate Debtor, which was challenged by the Corporate Debtor. The Corporate Debtor filed an application before the DRT, acknowledging its liabilities and proposing to pay Rs. 9,40,00,000/- for an amicable
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Financial Creditor sanctioned debt…
The account of the…
The case involves a Company Petition filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kosas Industries Private Limited (Corporate Debtor). The petition was initially rejected by the Adjudicating Authority on the grounds of limitation on 09.02.2023. An appeal was filed before the National Company Law Appellate Tribunal (NCLAT), which allowed the appeal on 14.09.2023, setting aside the impugned order and remitting the matter back to the Adjudicating Authority. The NCLAT noted a settlement agreement dated 14.03.2018, which was not considered in the initial order. The applicant then filed a Restoration Application No.35/2023 on
…State Bank of India (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kosas Industries Private Limited (Corporate Debtor). The Financial Creditor had sanctioned debt facilities to the Corporate Debtor amounting to Rs.49,04,00,000/- on 07.05.2011, which were renewed and enhanced over time. The Corporate Debtor's account was classified as NPA on 28.12.2015. The Financial Creditor initiated securitization proceedings against the Corporate Debtor, which was challenged by the Corporate Debtor. The Corporate Debtor filed an application before the DRT, acknowledging its liabilities and proposing to pay Rs. 9,40,00,000/- for an amicable
…Financial Creditor sanctioned debt…
The account of the…