The State Bank of India (SBI), as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against R. Piyarelall Iron & Steel Private Limited, the Corporate Debtor. The application was filed due to the Corporate Debtor's default on loan repayments.
The State Bank of India (SBI) extended various credit facilities to R. Piyarelall Iron & Steel Private Limited. The Corporate Debtor applied for EPC/PCFC and Bank Guarantee facilities in 2007. The total principal outstanding dues claimed by SBI amounted to Rs. 16,52,27,574/-, which, with accrued interest at 14.25% per annum, cumulated to Rs. 59,61,02,711/-. The date of default was claimed as June 30, 2012, when the Corporate Debtor's account was classified as NPA. The Corporate Debtor acknowledged the default in its balance sheets as of March 31, 2018. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on June 19, 2014, demanding payment of Rs. 19,63,05,874.43/-. The Corporate Debtor filed a suit in 2014 against SBI, seeking a decree for Rs.
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The Corporate Debtor applied to the Financial…
The Financial Creditor…
The State Bank of India (SBI), as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against R. Piyarelall Iron & Steel Private Limited, the Corporate Debtor. The application was filed due to the Corporate Debtor's default on loan repayments.
The State Bank of India (SBI) extended various credit facilities to R. Piyarelall Iron & Steel Private Limited. The Corporate Debtor applied for EPC/PCFC and Bank Guarantee facilities in 2007. The total principal outstanding dues claimed by SBI amounted to Rs. 16,52,27,574/-, which, with accrued interest at 14.25% per annum, cumulated to Rs. 59,61,02,711/-. The date of default was claimed as June 30, 2012, when the Corporate Debtor's account was classified as NPA. The Corporate Debtor acknowledged the default in its balance sheets as of March 31, 2018. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on June 19, 2014, demanding payment of Rs. 19,63,05,874.43/-. The Corporate Debtor filed a suit in 2014 against SBI, seeking a decree for Rs.
…The Corporate Debtor applied to the Financial…
The Financial Creditor…