Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against McNally Bharat Engineering Company Limited, the Corporate Debtor, alleging default in payment of Rs.4,78,73,25,854.29/- as of March 10, 2020. The date of default was stated to be January 30, 2019. The Financial Creditor had sanctioned a cash credit facility to the Corporate Debtor, which was renewed from time to time, with the last renewal on March 27, 2018. The Corporate Debtor disputed the submissions by the Financial Creditor, claiming inaccuracies in the debt computation and inconsistencies in the petition. The Corporate Debtor also argued that the alleged debt had not arisen out of the sanction letter dated March 27, 2018, and that the

Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against McNally Bharat Engineering Company Limited, the Corporate Debtor, alleging default in payment of Rs.4,78,73,25,854.29/- as of March 10, 2020. The date of default was stated to be January 30, 2019. The Financial Creditor had sanctioned a cash credit facility to the Corporate Debtor, which was renewed from time to time, with the last renewal on March 27, 2018. The Corporate Debtor disputed the submissions by the Financial Creditor, claiming inaccuracies in the debt computation and inconsistencies in the petition. The Corporate Debtor also argued that the alleged debt had not arisen out of the sanction letter dated March 27, 2018, and that the