The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Rajradhe Finance Limited (Financial Creditor) against Madhav Ginning and Pressing Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed credit facilities from State Bank of India, which were later assigned to the applicant. The corporate debtor defaulted in repayment, leading to the account being classified as NPA. Despite attempts to recover the outstanding debt, a significant amount remained unpaid. The corporate debtor also proposed a One Time Settlement (OTS), which was rejected by the State Bank of India and later by the applicant after the debt assignment.
Rajradhe Finance Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Madhav Ginning and Pressing Private Limited. State Bank of India had sanctioned credit facilities to the corporate debtor, disbursing Rs.9,66,32,000 on 22.10.2007. These facilities were secured by the deposit of title deeds. The credit facilities were enhanced on 14.10.2008, with a charge created by mortgage. On 30.11.2017, the corporate debtor resolved to renew credit facilities to Rs.19,95,00,000, hypothecating its assets. SBI renewed the facilities on 06.12.2017 and again on 15.03.2019. The corporate debtor defaulted on 28.08.2019, leading to NPA classification on 28.11.2019. SBI issued notices under SARFAESI Act and filed an application with DRT.
…Sign in to view the parties.
State Bank of India…
Credit facilities were…
The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Rajradhe Finance Limited (Financial Creditor) against Madhav Ginning and Pressing Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed credit facilities from State Bank of India, which were later assigned to the applicant. The corporate debtor defaulted in repayment, leading to the account being classified as NPA. Despite attempts to recover the outstanding debt, a significant amount remained unpaid. The corporate debtor also proposed a One Time Settlement (OTS), which was rejected by the State Bank of India and later by the applicant after the debt assignment.
Rajradhe Finance Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Madhav Ginning and Pressing Private Limited. State Bank of India had sanctioned credit facilities to the corporate debtor, disbursing Rs.9,66,32,000 on 22.10.2007. These facilities were secured by the deposit of title deeds. The credit facilities were enhanced on 14.10.2008, with a charge created by mortgage. On 30.11.2017, the corporate debtor resolved to renew credit facilities to Rs.19,95,00,000, hypothecating its assets. SBI renewed the facilities on 06.12.2017 and again on 15.03.2019. The corporate debtor defaulted on 28.08.2019, leading to NPA classification on 28.11.2019. SBI issued notices under SARFAESI Act and filed an application with DRT.
…State Bank of India…
Credit facilities were…