The case involves an application (IB-612(ND)/2022) filed by State Bank of India (SBI), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. L. R. Builders Private Limited, the Corporate Debtor. SBI claims that the Corporate Debtor defaulted on payments totaling Rs. 203,81,38,395.47/-, including principal, interest, and penal interest. The Corporate Debtor filed a reply affidavit and an application (IA-4749(ND)/2022) under Section 65 of IBC, alleging that SBI filed the Section 7 application fraudulently and with malicious intent, seeking its dismissal. The Hon'ble High Court of Delhi directed the Adjudicating Authority to hear the Section 65 application
…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 L.R. Builders Private Limited, claiming a default of Rs. 203,81,38,395.47/-. L.R. Builders Private Limited (Corporate Debtor) filed a counter-application under Section 65 of IBC, alleging fraudulent initiation of CIRP by SBI. L.R. Builders was a corporate guarantor for credit facilities availed by P.P. Jewellers (Delhi) from SBI. The credit facilities were sanctioned in December 2011, with a limit of INR 60 Crores. The Corporate Debtor passed a board resolution in December 2011 to provide a corporate guarantee and equitable mortgage. The facilities were renewed periodically. In June 2017, P.P.
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Petitioner sanctioned…
Deed of Guarantee executed by LR Builders Pvt…
The case involves an application (IB-612(ND)/2022) filed by State Bank of India (SBI), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. L. R. Builders Private Limited, the Corporate Debtor. SBI claims that the Corporate Debtor defaulted on payments totaling Rs. 203,81,38,395.47/-, including principal, interest, and penal interest. The Corporate Debtor filed a reply affidavit and an application (IA-4749(ND)/2022) under Section 65 of IBC, alleging that SBI filed the Section 7 application fraudulently and with malicious intent, seeking its dismissal. The Hon'ble High Court of Delhi directed the Adjudicating Authority to hear the Section 65 application
…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 L.R. Builders Private Limited, claiming a default of Rs. 203,81,38,395.47/-. L.R. Builders Private Limited (Corporate Debtor) filed a counter-application under Section 65 of IBC, alleging fraudulent initiation of CIRP by SBI. L.R. Builders was a corporate guarantor for credit facilities availed by P.P. Jewellers (Delhi) from SBI. The credit facilities were sanctioned in December 2011, with a limit of INR 60 Crores. The Corporate Debtor passed a board resolution in December 2011 to provide a corporate guarantee and equitable mortgage. The facilities were renewed periodically. In June 2017, P.P.
…Petitioner sanctioned…
Deed of Guarantee executed by LR Builders Pvt…