The State Bank of India (SBI), acting as the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Schiffilies India Ltd., the Corporate Debtor (CD), due to a default in repayment of Rs. 68,74,84,065.70 as of 06.05.2022. The application sought the declaration of a moratorium and the appointment of an Interim Resolution Professional (IRP).
Schiffilies India Ltd. (Corporate Debtor) defaulted on a payment of Rs. 68,74,84,065.70 to State Bank of India (Financial Creditor) as of 06.05.2022. The Corporate Debtor had initially obtained credit facilities from the Financial Creditor in May 2010, with a credit limit of Rs. 17 Crores, which was subsequently enhanced to Rs. 27.25 Crores in December 2011. The Corporate Debtor failed to maintain financial discipline, leading to its account being classified as NPA on 30.06.2013. The Financial Creditor issued Letters/Notices of Irregularities and a Demand Notice under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor also made One-Time Settlement (OTS) proposals, which were not accepted by the Financial Creditor. The Financial Creditor initiated recovery
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The Corporate Debtor approached the Financial…
The Financial Creditor sanctioned various…
The State Bank of India (SBI), acting as the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Schiffilies India Ltd., the Corporate Debtor (CD), due to a default in repayment of Rs. 68,74,84,065.70 as of 06.05.2022. The application sought the declaration of a moratorium and the appointment of an Interim Resolution Professional (IRP).
Schiffilies India Ltd. (Corporate Debtor) defaulted on a payment of Rs. 68,74,84,065.70 to State Bank of India (Financial Creditor) as of 06.05.2022. The Corporate Debtor had initially obtained credit facilities from the Financial Creditor in May 2010, with a credit limit of Rs. 17 Crores, which was subsequently enhanced to Rs. 27.25 Crores in December 2011. The Corporate Debtor failed to maintain financial discipline, leading to its account being classified as NPA on 30.06.2013. The Financial Creditor issued Letters/Notices of Irregularities and a Demand Notice under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor also made One-Time Settlement (OTS) proposals, which were not accepted by the Financial Creditor. The Financial Creditor initiated recovery
…The Corporate Debtor approached the Financial…
The Financial Creditor sanctioned various…