Canara Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sanjeevini Medlife Hospitals (India) Pvt. Ltd, alleging default on a total amount of Rs. 35,53,75,893. The Corporate Debtor opposed the petition, citing reasons such as the Financial Creditor not enclosing the entire Loan Sanction letter, delays in project completion, and the secured creditor classifying the account as Non-Performing Assets despite remittances made by the Corporate Debtor. The Financial Creditor argued that the Corporate Debtor admitted the debt and default, and that the petition satisfies the requirements of Section 7 of the IBC, 2016. The Financial Creditor also stated that the
…Canara Bank, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Sanjeevini Medlife Hospitals (India) Pvt. Ltd, the Corporate Debtor, due to a default of Rs. 35,53,75,893. The Corporate Debtor was incorporated on 26.03.2009. The Financial Creditor sanctioned a loan of Rs. 1390 Lacs on 10.02.2011, followed by additional loans. The Corporate Debtor executed Term Loan Agreements and Hypothecation Agreements. The Financial Creditor filed OA No. 833/2017 before DRT, and a Compromise Petition was entered on 20.06.2019. The Corporate Debtor opposed the petition, citing delays in project completion and other issues. The Corporate Debtor also availed a One Time Settlement (OTS) which was not complied with. The Financial Creditor
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Sanjeevini Medlife…
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Canara Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sanjeevini Medlife Hospitals (India) Pvt. Ltd, alleging default on a total amount of Rs. 35,53,75,893. The Corporate Debtor opposed the petition, citing reasons such as the Financial Creditor not enclosing the entire Loan Sanction letter, delays in project completion, and the secured creditor classifying the account as Non-Performing Assets despite remittances made by the Corporate Debtor. The Financial Creditor argued that the Corporate Debtor admitted the debt and default, and that the petition satisfies the requirements of Section 7 of the IBC, 2016. The Financial Creditor also stated that the
…Canara Bank, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Sanjeevini Medlife Hospitals (India) Pvt. Ltd, the Corporate Debtor, due to a default of Rs. 35,53,75,893. The Corporate Debtor was incorporated on 26.03.2009. The Financial Creditor sanctioned a loan of Rs. 1390 Lacs on 10.02.2011, followed by additional loans. The Corporate Debtor executed Term Loan Agreements and Hypothecation Agreements. The Financial Creditor filed OA No. 833/2017 before DRT, and a Compromise Petition was entered on 20.06.2019. The Corporate Debtor opposed the petition, citing delays in project completion and other issues. The Corporate Debtor also availed a One Time Settlement (OTS) which was not complied with. The Financial Creditor
…Sanjeevini Medlife…
Financial Creditor…