The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Small Industries Development Bank of India (SIDBI) against Sambandh Finserve Pvt. Ltd. SIDBI, as a financial creditor, claimed that Sambandh Finserve defaulted on a loan availed between February 2019 and October 2019. A previous petition (C.P. No. 42/CB/2022) filed by SIDBI was dismissed because the default date fell within the period specified under Section 10A of the IBC, which prohibits initiating CIRP for defaults occurring between March 25, 2020, and March 24, 2021. SIDBI then filed a fresh application, attempting to change the date of default to circumvent the Section 10A bar.
Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sambandh Finserve Pvt. Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). Sambandh Finserve had availed a loan from SIDBI between February 2019 and October 2019, amounting to Rs. 50,00,00,000. The respondent allegedly defaulted on the loan repayment. SIDBI had previously filed a petition (C.P. No. 42/CB/2022) which was dismissed because the initial default date of 15.12.2020 fell within the period barred by Section 10A of the IBC. In the present petition, SIDBI attempted to change the date of default to 10.07.2021 to circumvent the bar under Section 10A. The Reserve Bank of India had cancelled Sambandh
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Sambandh Finserve Pvt. Ltd. availed loan from…
Sambandh Finserve's…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Small Industries Development Bank of India (SIDBI) against Sambandh Finserve Pvt. Ltd. SIDBI, as a financial creditor, claimed that Sambandh Finserve defaulted on a loan availed between February 2019 and October 2019. A previous petition (C.P. No. 42/CB/2022) filed by SIDBI was dismissed because the default date fell within the period specified under Section 10A of the IBC, which prohibits initiating CIRP for defaults occurring between March 25, 2020, and March 24, 2021. SIDBI then filed a fresh application, attempting to change the date of default to circumvent the Section 10A bar.
Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sambandh Finserve Pvt. Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). Sambandh Finserve had availed a loan from SIDBI between February 2019 and October 2019, amounting to Rs. 50,00,00,000. The respondent allegedly defaulted on the loan repayment. SIDBI had previously filed a petition (C.P. No. 42/CB/2022) which was dismissed because the initial default date of 15.12.2020 fell within the period barred by Section 10A of the IBC. In the present petition, SIDBI attempted to change the date of default to 10.07.2021 to circumvent the bar under Section 10A. The Reserve Bank of India had cancelled Sambandh
…Sambandh Finserve Pvt. Ltd. availed loan from…
Sambandh Finserve's…