The case involves an application filed by State Bank of India (SBI), the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code (I&B Code), 2016, against Kosas Industries Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). SBI claimed a default of Rs. 98,19,09,715.15 as of 30.10.2020. The Corporate Debtor opposed the application, arguing that it was not maintainable, filed by an unauthorized person, and time-barred. The Corporate Debtor also contended that the Financial Creditor had clubbed several distinct financial debts into a single application. The Financial Creditor sanctioned Fund Based Working Facility (FBWC) to the Corporate Debtor vide Sanction Letter dated 07.02.2011. The said
…State Bank of India (SBI) filed an application under Section 7 of the Insolvency & Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Kosas Industries Private Limited, claiming a default of Rs. 98,19,09,715.15 as of 30.10.2020. SBI had sanctioned a Fund Based Working Facility (FBWC) to Kosas Industries on 07.02.2011, which was subsequently renewed and enhanced. The Corporate Debtor proposed an OTS (One-Time Settlement) on 06.12.2021 to settle the accounts for Rs. 8,00,00,000. SBI issued a Loan Recall Notice on 10.05.2019, claiming Rs. 81,22,40,826 due as of 09.05.2019. The NeSL report submitted by SBI showed an outstanding amount of Rs. 11,92,91,014 and a date of default as 30.09.2015. Kosas Industries argued that the
…Sign in to view the parties.
Financial Creditor…
The said facility was lastly renewed and…
Sign in to view related legal provisions.
The case involves an application filed by State Bank of India (SBI), the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code (I&B Code), 2016, against Kosas Industries Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). SBI claimed a default of Rs. 98,19,09,715.15 as of 30.10.2020. The Corporate Debtor opposed the application, arguing that it was not maintainable, filed by an unauthorized person, and time-barred. The Corporate Debtor also contended that the Financial Creditor had clubbed several distinct financial debts into a single application. The Financial Creditor sanctioned Fund Based Working Facility (FBWC) to the Corporate Debtor vide Sanction Letter dated 07.02.2011. The said
…State Bank of India (SBI) filed an application under Section 7 of the Insolvency & Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Kosas Industries Private Limited, claiming a default of Rs. 98,19,09,715.15 as of 30.10.2020. SBI had sanctioned a Fund Based Working Facility (FBWC) to Kosas Industries on 07.02.2011, which was subsequently renewed and enhanced. The Corporate Debtor proposed an OTS (One-Time Settlement) on 06.12.2021 to settle the accounts for Rs. 8,00,00,000. SBI issued a Loan Recall Notice on 10.05.2019, claiming Rs. 81,22,40,826 due as of 09.05.2019. The NeSL report submitted by SBI showed an outstanding amount of Rs. 11,92,91,014 and a date of default as 30.09.2015. Kosas Industries argued that the
…Financial Creditor…
The said facility was lastly renewed and…
Sign in to view related legal provisions.