The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Neesa Infrastructure Limited, citing a default amount of Rs 48,15,13,790/-. The corporate debtor had approached the financial creditor for credit facilities in 2005, which were sanctioned and enhanced over time. A restructuring agreement was executed in 2013, but the corporate debtor failed to comply with its terms, leading to the account being declared an NPA in 2014. The financial creditor withdrew from the CDR and issued a legal notice. The corporate debtor also confirmed the balance through various confirmation letters and an OTS confirmation letter.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Neesa Infrastructure Limited. Neesa Infrastructure Limited had approached SBI for credit facilities in 2005, and SBI sanctioned Rs 6 Cr. The facilities were enhanced over time, reaching Rs 56.87 Cr by 2011. The date of default was stated as 01.03.2012. A Corporate Debt Restructuring (CDR) agreement was executed on 23.03.2013, but Neesa Infrastructure Limited failed to comply with the security conditions. SBI withdrew from CDR on 07.06.2014. The account was declared NPA on 28.01.2014. SBI issued an OTS letter on 26.08.2019 for Rs 33,28,27,464/-, acknowledged by Neesa Infrastructure Limited on
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The corporate debtor approached the financial…
The financial creditor sanctioned total credit…
The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Neesa Infrastructure Limited, citing a default amount of Rs 48,15,13,790/-. The corporate debtor had approached the financial creditor for credit facilities in 2005, which were sanctioned and enhanced over time. A restructuring agreement was executed in 2013, but the corporate debtor failed to comply with its terms, leading to the account being declared an NPA in 2014. The financial creditor withdrew from the CDR and issued a legal notice. The corporate debtor also confirmed the balance through various confirmation letters and an OTS confirmation letter.
State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Neesa Infrastructure Limited. Neesa Infrastructure Limited had approached SBI for credit facilities in 2005, and SBI sanctioned Rs 6 Cr. The facilities were enhanced over time, reaching Rs 56.87 Cr by 2011. The date of default was stated as 01.03.2012. A Corporate Debt Restructuring (CDR) agreement was executed on 23.03.2013, but Neesa Infrastructure Limited failed to comply with the security conditions. SBI withdrew from CDR on 07.06.2014. The account was declared NPA on 28.01.2014. SBI issued an OTS letter on 26.08.2019 for Rs 33,28,27,464/-, acknowledged by Neesa Infrastructure Limited on
…The corporate debtor approached the financial…
The financial creditor sanctioned total credit…