The State Bank of India, acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 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 M/s. Select Galva India Private Limited, the Corporate Debtor. The Financial Creditor sought the admission of the application, declaration of moratorium, and appointment of an Interim Resolution Professional (IRP).
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Select Galva India Private Limited, the Corporate Debtor. The Financial Creditor claimed a debt of Rs. 25,23,24,918.13 as on 28.02.2018, with the date of default being 29.11.2017. The Corporate Debtor's account was classified as NPA on 29.11.2017. The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, with the last sanction on 30.07.2016, secured by hypothecation of stocks, receivables, and current assets. The Financial Creditor had also obtained a Debt Recovery Certificate dated 23.01.2020. The Corporate Debtor contended that the
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State Bank of India filed an application under…
The Applicant Financial Creditor obtained a Debt…
The State Bank of India, acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 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 M/s. Select Galva India Private Limited, the Corporate Debtor. The Financial Creditor sought the admission of the application, declaration of moratorium, and appointment of an Interim Resolution Professional (IRP).
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Select Galva India Private Limited, the Corporate Debtor. The Financial Creditor claimed a debt of Rs. 25,23,24,918.13 as on 28.02.2018, with the date of default being 29.11.2017. The Corporate Debtor's account was classified as NPA on 29.11.2017. The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, with the last sanction on 30.07.2016, secured by hypothecation of stocks, receivables, and current assets. The Financial Creditor had also obtained a Debt Recovery Certificate dated 23.01.2020. The Corporate Debtor contended that the
…State Bank of India filed an application under…
The Applicant Financial Creditor obtained a Debt…