State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against SAV Steels Private Limited. The Corporate Debtor had approached the Financial Creditor for a term loan, which was sanctioned and subsequently enhanced. Despite repeated demands, the Corporate Debtor failed to repay the dues, leading to the account being classified as a Non-Performing Asset (NPA). The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, but the Corporate Debtor still failed to pay the outstanding dues. The Debt Recovery Tribunal (DRT) passed an order in favor of the Financial Creditor, but the debt remained unpaid. The Financial Creditor then filed the
…State Bank of India (SBI) extended credit facilities to SAV Steels Private Limited. The initial term loan was for Rs. 28 Crores, sanctioned on September 16, 2009. This was subsequently enhanced to Rs. 34 Crores on September 13, 2010, and eventually reached Rs. 55 Crores by 2012. Despite repeated demands, SAV Steels failed to maintain the loan account, which was classified as a Non-Performing Asset (NPA) on June 29, 2013, according to RBI guidelines. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on November 30, 2013, but SAV Steels did not pay the outstanding dues. The Debt Recovery Tribunal (DRT) I, Kolkata, passed a final order on March 29, 2022, setting SAV Steels ex parte on August 30, 2019, and allowing the recovery of Rs. 72,93,99,998.68 plus
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State Bank of India…
The credit li…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against SAV Steels Private Limited. The Corporate Debtor had approached the Financial Creditor for a term loan, which was sanctioned and subsequently enhanced. Despite repeated demands, the Corporate Debtor failed to repay the dues, leading to the account being classified as a Non-Performing Asset (NPA). The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, but the Corporate Debtor still failed to pay the outstanding dues. The Debt Recovery Tribunal (DRT) passed an order in favor of the Financial Creditor, but the debt remained unpaid. The Financial Creditor then filed the
…State Bank of India (SBI) extended credit facilities to SAV Steels Private Limited. The initial term loan was for Rs. 28 Crores, sanctioned on September 16, 2009. This was subsequently enhanced to Rs. 34 Crores on September 13, 2010, and eventually reached Rs. 55 Crores by 2012. Despite repeated demands, SAV Steels failed to maintain the loan account, which was classified as a Non-Performing Asset (NPA) on June 29, 2013, according to RBI guidelines. SBI issued a notice under Section 13(2) of the SARFAESI Act, 2002, on November 30, 2013, but SAV Steels did not pay the outstanding dues. The Debt Recovery Tribunal (DRT) I, Kolkata, passed a final order on March 29, 2022, setting SAV Steels ex parte on August 30, 2019, and allowing the recovery of Rs. 72,93,99,998.68 plus
…State Bank of India…
The credit li…