ICICI Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mavin Switchgears and Control Private Limited, alleging default in payment. The financial creditor had sanctioned credit facilities to the corporate debtor, which were later renewed. The corporate debtor started defaulting on payments in July 2021, leading to the account being classified as NPA in September 2021. Notices were issued under Section 13(2) of the SARFAESI Act, and an Original Application was filed before the Debt Recovery Tribunal, Aurangabad.
ICICI Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Mavin Switchgears and Control Private Limited (Corporate Debtor). The Corporate Debtor had approached the Financial Creditor and erstwhile State Bank of Hyderabad for credit facilities in August 2016, which were sanctioned for an aggregate amount of Rs. 41,00,00,000/-. Various security documents, including agreements of guarantee and deeds of mortgage, were executed. The Corporate Debtor started defaulting on payments in July 2021, leading to the account being classified as NPA on 28th September, 2021. The Financial Creditor issued notices under Section 13(2) of the SARFAESI Act on 3rd September, 2022, and 7th December, 2022,
…Sign in to view the parties.
Corporate Debtor approached Financial Creditor…
Credit facilities were granted to the…
ICICI Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mavin Switchgears and Control Private Limited, alleging default in payment. The financial creditor had sanctioned credit facilities to the corporate debtor, which were later renewed. The corporate debtor started defaulting on payments in July 2021, leading to the account being classified as NPA in September 2021. Notices were issued under Section 13(2) of the SARFAESI Act, and an Original Application was filed before the Debt Recovery Tribunal, Aurangabad.
ICICI Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Mavin Switchgears and Control Private Limited (Corporate Debtor). The Corporate Debtor had approached the Financial Creditor and erstwhile State Bank of Hyderabad for credit facilities in August 2016, which were sanctioned for an aggregate amount of Rs. 41,00,00,000/-. Various security documents, including agreements of guarantee and deeds of mortgage, were executed. The Corporate Debtor started defaulting on payments in July 2021, leading to the account being classified as NPA on 28th September, 2021. The Financial Creditor issued notices under Section 13(2) of the SARFAESI Act on 3rd September, 2022, and 7th December, 2022,
…Corporate Debtor approached Financial Creditor…
Credit facilities were granted to the…