IDBI Bank Limited, as the Financial Creditor/Petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Saumya Mining Limited, the Corporate Debtor/Respondent, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 1,61,10,69,200/- as of May 01, 2023, with the date of default being June 03, 2015. The Corporate Debtor had availed financial assistance from the Financial Creditor, including cash credit and bank guarantee facilities, aggregating to Rs. 32 Crore in 2009, which was later modified. The Corporate Debtor defaulted on payments, leading to the account being classified as NPA on January 30, 2015. The Financial Creditor issued a loan recall notice and
…IDBI Bank Limited (Financial Creditor) filed a petition against Saumya Mining Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of Rs. 1,61,10,69,200/- as of May 01, 2023, with the date of default being June 03, 2015. The Corporate Debtor had availed financial assistance of Rs. 32 Crore in 2009, later modified in 2010. The Corporate Debtor defaulted on payments, and the account was classified as NPA on January 30, 2015. The Financial Creditor issued a loan recall notice on June 03, 2015, demanding Rs. 37,56,38,847/-. The Corporate Debtor made a payment of Rs. 11,92,638/- after the loan recall notice. The Financial Creditor initiated proceedings under the SARFAESI Act, 2002. The Corporate
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Financial Creditor sanctioned cash credit and…
Financial ass…
IDBI Bank Limited, as the Financial Creditor/Petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Saumya Mining Limited, the Corporate Debtor/Respondent, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 1,61,10,69,200/- as of May 01, 2023, with the date of default being June 03, 2015. The Corporate Debtor had availed financial assistance from the Financial Creditor, including cash credit and bank guarantee facilities, aggregating to Rs. 32 Crore in 2009, which was later modified. The Corporate Debtor defaulted on payments, leading to the account being classified as NPA on January 30, 2015. The Financial Creditor issued a loan recall notice and
…IDBI Bank Limited (Financial Creditor) filed a petition against Saumya Mining Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of Rs. 1,61,10,69,200/- as of May 01, 2023, with the date of default being June 03, 2015. The Corporate Debtor had availed financial assistance of Rs. 32 Crore in 2009, later modified in 2010. The Corporate Debtor defaulted on payments, and the account was classified as NPA on January 30, 2015. The Financial Creditor issued a loan recall notice on June 03, 2015, demanding Rs. 37,56,38,847/-. The Corporate Debtor made a payment of Rs. 11,92,638/- after the loan recall notice. The Financial Creditor initiated proceedings under the SARFAESI Act, 2002. The Corporate
…Financial Creditor sanctioned cash credit and…
Financial ass…