UCO Bank, a financial creditor, filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sarita Steel & Power Limited, the corporate debtor, seeking initiation of the corporate insolvency resolution process (CIRP). The claim was based on a default of Rs. 178,00,81,925/-, including principal and interest. Sarita Steel & Power Limited was a corporate guarantor for the principal borrower, M/s. Ankit Metal and Power Ltd, which had been granted credit facilities by UCO Bank in 2010. The account of the principal borrower was classified as a Non-Performing Asset (NPA) on 28.08.2014. UCO Bank had initiated proceedings against the principal borrower and corporate guarantors, issuing a demand notice under Section 13(2) of the
…UCO Bank extended credit facilities to M/s. Ankit Metal and Power Ltd in 2010, with M/s. Sarita Steel & Power Limited acting as the corporate guarantor. The principal borrower defaulted on these facilities, leading to the account being classified as a Non-Performing Asset (NPA) on 28.08.2014. UCO Bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 07.04.2018, for outstanding dues of Rs. 105,45,00,000/-. The total amount claimed to be in default was Rs. 178,00,81,925/-, including a principal amount of Rs. 88,01,53,707/- and interest of Rs. 89,99,28,217/- as of 31.05.2022. The date of default was claimed as 31.05.2014. The financial creditor received several payments from the principal borrower between 2014 and 2018, with the last payment on
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UCO Bank, a financial creditor, filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sarita Steel & Power Limited, the corporate debtor, seeking initiation of the corporate insolvency resolution process (CIRP). The claim was based on a default of Rs. 178,00,81,925/-, including principal and interest. Sarita Steel & Power Limited was a corporate guarantor for the principal borrower, M/s. Ankit Metal and Power Ltd, which had been granted credit facilities by UCO Bank in 2010. The account of the principal borrower was classified as a Non-Performing Asset (NPA) on 28.08.2014. UCO Bank had initiated proceedings against the principal borrower and corporate guarantors, issuing a demand notice under Section 13(2) of the
…UCO Bank extended credit facilities to M/s. Ankit Metal and Power Ltd in 2010, with M/s. Sarita Steel & Power Limited acting as the corporate guarantor. The principal borrower defaulted on these facilities, leading to the account being classified as a Non-Performing Asset (NPA) on 28.08.2014. UCO Bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 07.04.2018, for outstanding dues of Rs. 105,45,00,000/-. The total amount claimed to be in default was Rs. 178,00,81,925/-, including a principal amount of Rs. 88,01,53,707/- and interest of Rs. 89,99,28,217/- as of 31.05.2022. The date of default was claimed as 31.05.2014. The financial creditor received several payments from the principal borrower between 2014 and 2018, with the last payment on
…UCO Bank granted credit…
The date of d…