Janaseva Sahakari Bank Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sanmati Pressings Private Limited, the Corporate Debtor. The Financial Creditor claimed a total default of Rs.10,00,93,571.63/- as on 31.03.2021, plus unapplied interest from 01.06.2016 and legal expenses. The Corporate Debtor submitted an OTS proposal and acknowledged the debt, but the Financial Creditor continued to press for arbitrary demands. The Corporate Debtor challenged the maintainability of the petition based on limitation, disputing the amount in default and the legality of SERFAESI proceedings.
Janaseva Sahakari Bank Limited, the Financial Creditor, filed an application under Section 7 of the I&B Code to initiate CIRP against Sanmati Pressings Private Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs.10,00,93,571.63/- as of 31.03.2021, plus unapplied interest from 01.06.2016 and legal expenses. The Date of Default was stated as 07.02.2015. The Financial Creditor had sanctioned a total credit facility of Rs.18.42 crore. This included a term loan (Rs.6.50 crore), cash credit (Rs.5.00 crore), another term loan (Rs.1.27 crore), another term loan (Rs.90 lakh), and a letter of credit facility (Rs.4.75 crore). The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, claiming Rs.15,58,89,874/- plus
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Janaseva Sahakari Bank Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sanmati Pressings Private Limited, the Corporate Debtor. The Financial Creditor claimed a total default of Rs.10,00,93,571.63/- as on 31.03.2021, plus unapplied interest from 01.06.2016 and legal expenses. The Corporate Debtor submitted an OTS proposal and acknowledged the debt, but the Financial Creditor continued to press for arbitrary demands. The Corporate Debtor challenged the maintainability of the petition based on limitation, disputing the amount in default and the legality of SERFAESI proceedings.
Janaseva Sahakari Bank Limited, the Financial Creditor, filed an application under Section 7 of the I&B Code to initiate CIRP against Sanmati Pressings Private Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs.10,00,93,571.63/- as of 31.03.2021, plus unapplied interest from 01.06.2016 and legal expenses. The Date of Default was stated as 07.02.2015. The Financial Creditor had sanctioned a total credit facility of Rs.18.42 crore. This included a term loan (Rs.6.50 crore), cash credit (Rs.5.00 crore), another term loan (Rs.1.27 crore), another term loan (Rs.90 lakh), and a letter of credit facility (Rs.4.75 crore). The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, claiming Rs.15,58,89,874/- plus
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Disbursement of Term…