The State Bank of India, acting as the Financial Creditor (FC), filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mangalagiri Textiles Private Limited, the Corporate Debtor (CD), for initiation of the Corporate Insolvency Resolution Process (CIRP). The FC claimed the CD defaulted on payments of outstanding dues amounting to Rs. 31,85,80,393.72 as of April 30, 2022. The CD contested the petition, arguing that the FC suppressed material facts and that a prior One-Time Settlement (OTS) offer was not properly considered. The CD had also filed a writ petition before the High Court seeking an extension of time for the OTS. The FC argued that the High Court proceedings and the IBC proceedings were separate and that the CD's defenses
…The State Bank of India (SBI), as the Financial Creditor (FC), filed a petition against Mangalagiri Textiles Private Limited, the Corporate Debtor (CD), under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The FC claimed that the CD defaulted on payments of outstanding dues amounting to Rs. 31,85,80,393.72 as of April 30, 2022. The CD had approached the FC for credit facilities, which were sanctioned in 2009, including cash credit, term loans, and bank guarantees. These facilities were secured by personal guarantees, hypothecation of assets, and mortgages. The CD failed to pay installments, leading to its classification as a Non-Performing Asset (NPA). The FC filed an original application before the Debt Recovery Tribunal (DRT) in 2018, obtaining a
…Sign in to view the parties.
The Financial Creditor filed original…
DRT passed a j…
The State Bank of India, acting as the Financial Creditor (FC), filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mangalagiri Textiles Private Limited, the Corporate Debtor (CD), for initiation of the Corporate Insolvency Resolution Process (CIRP). The FC claimed the CD defaulted on payments of outstanding dues amounting to Rs. 31,85,80,393.72 as of April 30, 2022. The CD contested the petition, arguing that the FC suppressed material facts and that a prior One-Time Settlement (OTS) offer was not properly considered. The CD had also filed a writ petition before the High Court seeking an extension of time for the OTS. The FC argued that the High Court proceedings and the IBC proceedings were separate and that the CD's defenses
…The State Bank of India (SBI), as the Financial Creditor (FC), filed a petition against Mangalagiri Textiles Private Limited, the Corporate Debtor (CD), under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The FC claimed that the CD defaulted on payments of outstanding dues amounting to Rs. 31,85,80,393.72 as of April 30, 2022. The CD had approached the FC for credit facilities, which were sanctioned in 2009, including cash credit, term loans, and bank guarantees. These facilities were secured by personal guarantees, hypothecation of assets, and mortgages. The CD failed to pay installments, leading to its classification as a Non-Performing Asset (NPA). The FC filed an original application before the Debt Recovery Tribunal (DRT) in 2018, obtaining a
…The Financial Creditor filed original…
DRT passed a j…