The case pertains to a Company Petition filed by Edelweiss Asset Reconstruction Co. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. S. Kumars Limited, the Corporate Debtor. The petition alleges default in payment of a Financial Debt amounting to Rs. 4,14,29,20,070/-. The date of default is stated as 30.04.2010, and the date of declaration of the Principal Borrower's account as Non-Performing Asset (NPA) is 30.06.2010. The Financial Creditor claims that the debt was assigned to them by the original lender, Central Bank of India. The Corporate Debtor, however, contends that the petition is time-barred, as the default occurred in 2010, and the petition was filed much later.
…In 2009, SKM Fabrics Limited, the original borrower, approached Central Bank of India for a loan. The bank granted working capital and term loan facilities amounting to Rs. 75 Crores and Rs. 49 Crores respectively. The borrower defaulted on 30.04.2010, and the account was declared NPA on 30.06.2010. The credit facilities were secured by a corporate guarantee dated 31.12.2011, given by M/s. S. Kumars Limited, the Corporate Debtor. The original lender assigned the debt to Edelweiss Asset Reconstruction Co. Ltd. on 28.03.2014. The Corporate Debtor issued revival letters on 18.02.2012 and 09.02.2015. The Financial Creditor issued a demand notice on 08.01.2015 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor filed its reply on 11.04.2022, contending that
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SKM Fabrics Limited…
Central Bank of India…
The case pertains to a Company Petition filed by Edelweiss Asset Reconstruction Co. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. S. Kumars Limited, the Corporate Debtor. The petition alleges default in payment of a Financial Debt amounting to Rs. 4,14,29,20,070/-. The date of default is stated as 30.04.2010, and the date of declaration of the Principal Borrower's account as Non-Performing Asset (NPA) is 30.06.2010. The Financial Creditor claims that the debt was assigned to them by the original lender, Central Bank of India. The Corporate Debtor, however, contends that the petition is time-barred, as the default occurred in 2010, and the petition was filed much later.
…In 2009, SKM Fabrics Limited, the original borrower, approached Central Bank of India for a loan. The bank granted working capital and term loan facilities amounting to Rs. 75 Crores and Rs. 49 Crores respectively. The borrower defaulted on 30.04.2010, and the account was declared NPA on 30.06.2010. The credit facilities were secured by a corporate guarantee dated 31.12.2011, given by M/s. S. Kumars Limited, the Corporate Debtor. The original lender assigned the debt to Edelweiss Asset Reconstruction Co. Ltd. on 28.03.2014. The Corporate Debtor issued revival letters on 18.02.2012 and 09.02.2015. The Financial Creditor issued a demand notice on 08.01.2015 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor filed its reply on 11.04.2022, contending that
…SKM Fabrics Limited…
Central Bank of India…