State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Kotsons Pvt. Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in payment of a sum of Rs. 109,33,71,603.87 as of 31.08.2022, comprising Rs. 87,60,91,332.43 of principal and Rs. 21,72,80,271.44 of interest. The Financial Creditor argued that the Corporate Debtor's loan accounts were classified as NPA on 11.11.2020, and despite a demand notice issued on 18.06.2021, the Corporate Debtor failed to make the outstanding payments. The Corporate Debtor contended that the application was not maintainable under Section 10A of the IBC, as the NPA declaration fell
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Kotsons Pvt. Ltd., the Corporate Debtor, before the National Company Law Tribunal (NCLT), New Delhi. The application was filed on 21.09.2022. SBI claimed that Kotsons Pvt. Ltd. had defaulted on a payment of Rs. 109,33,71,603.87 as of 31.08.2022, which included a principal amount of Rs. 87,60,91,332.43 and interest of Rs. 21,72,80,271.44. The loan accounts of the Corporate Debtor were classified as Non-Performing Assets (NPA) on 11.11.2020, according to RBI guidelines. SBI issued a demand notice on 18.06.2021 under Section 13(2) of the SARFAESI Act, 2002, demanding Rs. 96,36,96,693/- as on 17.06.2021 along with interest.
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The Respondent Company, M/s. KOTSONS PVT. LTD.,…
The State Bank of…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Kotsons Pvt. Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in payment of a sum of Rs. 109,33,71,603.87 as of 31.08.2022, comprising Rs. 87,60,91,332.43 of principal and Rs. 21,72,80,271.44 of interest. The Financial Creditor argued that the Corporate Debtor's loan accounts were classified as NPA on 11.11.2020, and despite a demand notice issued on 18.06.2021, the Corporate Debtor failed to make the outstanding payments. The Corporate Debtor contended that the application was not maintainable under Section 10A of the IBC, as the NPA declaration fell
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Kotsons Pvt. Ltd., the Corporate Debtor, before the National Company Law Tribunal (NCLT), New Delhi. The application was filed on 21.09.2022. SBI claimed that Kotsons Pvt. Ltd. had defaulted on a payment of Rs. 109,33,71,603.87 as of 31.08.2022, which included a principal amount of Rs. 87,60,91,332.43 and interest of Rs. 21,72,80,271.44. The loan accounts of the Corporate Debtor were classified as Non-Performing Assets (NPA) on 11.11.2020, according to RBI guidelines. SBI issued a demand notice on 18.06.2021 under Section 13(2) of the SARFAESI Act, 2002, demanding Rs. 96,36,96,693/- as on 17.06.2021 along with interest.
…The Respondent Company, M/s. KOTSONS PVT. LTD.,…
The State Bank of…