The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by CFM Asset Reconstruction Private Limited (the applicant/financial creditor) against Nikhil Footwears Private Limited (the respondent/corporate debtor). The applicant sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor based on a default in payment of Rs. 1025,53,60,198.71/-. The corporate debtor was a guarantor for credit facilities availed by Action Ispat & Power Pvt. Ltd. (Principal Borrower) from a consortium of banks, including State Bank of India (SBI). The account of the Principal Borrower was classified as Non-Performing Asset (NPA) on 31.03.2017. SBI had assigned its rights, title, and interest in the
…1. CFM Asset Reconstruction Private Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nikhil Footwears Private Limited.
2. The claim was based on a default of Rs. 1025,53,60,198.71/-
3. Nikhil Footwears Private Limited is the Corporate Debtor with CIN: U19201DL1987PTC026643, incorporated on 09.01.1987.
4. Nikhil Footwears Private Limited acted as a guarantor for Action Ispat & Power Pvt. Ltd. (Principal Borrower), who had availed credit facilities from a consortium of banks including SBI.
5. The Principal Borrower's account was classified as NPA on 31.03.2017.
6. SBI issued a demand notice on 31.07.2017 for Rs. 672,04,53,823.33/-
7. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 20.09.2017.
8. SBI
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Nikhil Footwears…
Action Ispat & Power Pvt. Ltd. availed credit…
The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by CFM Asset Reconstruction Private Limited (the applicant/financial creditor) against Nikhil Footwears Private Limited (the respondent/corporate debtor). The applicant sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor based on a default in payment of Rs. 1025,53,60,198.71/-. The corporate debtor was a guarantor for credit facilities availed by Action Ispat & Power Pvt. Ltd. (Principal Borrower) from a consortium of banks, including State Bank of India (SBI). The account of the Principal Borrower was classified as Non-Performing Asset (NPA) on 31.03.2017. SBI had assigned its rights, title, and interest in the
…1. CFM Asset Reconstruction Private Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nikhil Footwears Private Limited.
2. The claim was based on a default of Rs. 1025,53,60,198.71/-
3. Nikhil Footwears Private Limited is the Corporate Debtor with CIN: U19201DL1987PTC026643, incorporated on 09.01.1987.
4. Nikhil Footwears Private Limited acted as a guarantor for Action Ispat & Power Pvt. Ltd. (Principal Borrower), who had availed credit facilities from a consortium of banks including SBI.
5. The Principal Borrower's account was classified as NPA on 31.03.2017.
6. SBI issued a demand notice on 31.07.2017 for Rs. 672,04,53,823.33/-
7. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 20.09.2017.
8. SBI
Nikhil Footwears…
Action Ispat & Power Pvt. Ltd. availed credit…