The State Bank of India (SBI), as the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Mahalaxmi Corporation Private Limited, the Corporate Debtor/Respondent. SBI sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, claiming a default of Rs. 92,99,50,260.19 as of 29.12.2012, which increased to Rs. 563,44,58,294.26 as of 31.03.2022, including uncharged and accrued interest. The loan account was classified as Non-Performing Assets (NPA) on 30.06.2013.
1. State Bank of India (SBI) extended credit facilities to Shree Mahalaxmi Corporation Pvt. Ltd. with an aggregate limit of Rs. 103.9 Crore, which was later enhanced to Rs. 142.89 Crore.
2. The account was classified as Non-Performing Asset (NPA) on 30.06.2013.
3. The date of default is 29.12.2012.
4. SBI initiated action under the SARFAESI Act on 02.12.2013, which was later withdrawn, and a fresh notice was issued on 20.11.2016.
5. The Corporate Debtor offered a full and final settlement to the bank on 19.06.2018.
6. The Corporate Debtor acknowledged the dues in a letter dated 12.10.2020.
7. The total amount claimed to be in default is Rs. 92,99,50,260.19 as on 29.12.2012 and Rs. 563,44,58,294.26 as on 31.03.2022.
8. The Corporate Debtor argued that letters exchanged were
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Credit facilities were…
Credit facilities were…
The State Bank of India (SBI), as the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Mahalaxmi Corporation Private Limited, the Corporate Debtor/Respondent. SBI sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, claiming a default of Rs. 92,99,50,260.19 as of 29.12.2012, which increased to Rs. 563,44,58,294.26 as of 31.03.2022, including uncharged and accrued interest. The loan account was classified as Non-Performing Assets (NPA) on 30.06.2013.
1. State Bank of India (SBI) extended credit facilities to Shree Mahalaxmi Corporation Pvt. Ltd. with an aggregate limit of Rs. 103.9 Crore, which was later enhanced to Rs. 142.89 Crore.
2. The account was classified as Non-Performing Asset (NPA) on 30.06.2013.
3. The date of default is 29.12.2012.
4. SBI initiated action under the SARFAESI Act on 02.12.2013, which was later withdrawn, and a fresh notice was issued on 20.11.2016.
5. The Corporate Debtor offered a full and final settlement to the bank on 19.06.2018.
6. The Corporate Debtor acknowledged the dues in a letter dated 12.10.2020.
7. The total amount claimed to be in default is Rs. 92,99,50,260.19 as on 29.12.2012 and Rs. 563,44,58,294.26 as on 31.03.2022.
8. The Corporate Debtor argued that letters exchanged were
Credit facilities were…
Credit facilities were…