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 had its account classified as NPA on 28.12.2015. The Financial Creditor sanctioned Fund Based Working Facility (FBWC) to the Corporate Debtor vide Sanction Letter dated 07.05.2011, which was renewed and enhanced over time. The Corporate Debtor submitted an OTS proposal on 06.12.2021 to settle the accounts for Rs. 8,00,00,000. The Financial Creditor issued a Loan Recall Notice on 10.05.2019,
…State Bank of India (SBI) filed an application under Section 7 of the Insolvency and 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 October 30, 2020. The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on December 28, 2015. SBI had sanctioned a Fund Based Working Facility (FBWC) to Kosas Industries on May 7, 2011, which was subsequently renewed and enhanced. The Corporate Debtor submitted a One-Time Settlement (OTS) proposal on December 6, 2021, offering to settle the accounts for Rs. 8,00,00,000. SBI issued a Loan Recall Notice on May 10, 2019, claiming Rs. 81,22,40,826 due as of May 9, 2019. A NeSL Report dated July 31,
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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 had its account classified as NPA on 28.12.2015. The Financial Creditor sanctioned Fund Based Working Facility (FBWC) to the Corporate Debtor vide Sanction Letter dated 07.05.2011, which was renewed and enhanced over time. The Corporate Debtor submitted an OTS proposal on 06.12.2021 to settle the accounts for Rs. 8,00,00,000. The Financial Creditor issued a Loan Recall Notice on 10.05.2019,
…State Bank of India (SBI) filed an application under Section 7 of the Insolvency and 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 October 30, 2020. The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on December 28, 2015. SBI had sanctioned a Fund Based Working Facility (FBWC) to Kosas Industries on May 7, 2011, which was subsequently renewed and enhanced. The Corporate Debtor submitted a One-Time Settlement (OTS) proposal on December 6, 2021, offering to settle the accounts for Rs. 8,00,00,000. SBI issued a Loan Recall Notice on May 10, 2019, claiming Rs. 81,22,40,826 due as of May 9, 2019. A NeSL Report dated July 31,
…Financial Creditor…
Account of the…
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