The case involves a petition filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SRC Metalicks Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, who defaulted in repayment. The petition was filed on 02 March, 2022.
State Bank of India (Financial Creditor) filed a petition against SRC Metalicks Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was incorporated on 20 July, 2004, and later changed its name to SRC Metalicks Private Limited. The Financial Creditor had sanctioned credit facilities of Rs. 16,00,00,000/- to the Corporate Debtor, secured by hypothecation of movables, personal and corporate guarantees, and mortgage of immovable properties. The Corporate Debtor defaulted in repayment, leading to its account being classified as a Non-Performing Asset on 11 September, 2013. The outstanding dues, including interest, amounted to Rs. 86,34,80,232.40 as of 31 August, 2021. The Financial Creditor issued a demand
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SRC Metalicks Private…
The Corporate Debtor…
The case involves a petition filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SRC Metalicks Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, who defaulted in repayment. The petition was filed on 02 March, 2022.
State Bank of India (Financial Creditor) filed a petition against SRC Metalicks Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was incorporated on 20 July, 2004, and later changed its name to SRC Metalicks Private Limited. The Financial Creditor had sanctioned credit facilities of Rs. 16,00,00,000/- to the Corporate Debtor, secured by hypothecation of movables, personal and corporate guarantees, and mortgage of immovable properties. The Corporate Debtor defaulted in repayment, leading to its account being classified as a Non-Performing Asset on 11 September, 2013. The outstanding dues, including interest, amounted to Rs. 86,34,80,232.40 as of 31 August, 2021. The Financial Creditor issued a demand
…SRC Metalicks Private…
The Corporate Debtor…