The case involves an application filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sri Mata Infratech Limited (Corporate Debtor). The Corporate Debtor had obtained various term loans and cash credit limits from the Financial Creditor, with Rs. 54.87 Crore disbursed between 2010 and 2011. The Corporate Debtor defaulted, leading to the account being declared NPA in 2012. The Financial Creditor pursued recovery measures under SARFAESI Act and filed an Original Application (O.A.) before the Debt Recovery Tribunal (DRT).
State Bank of India (SBI) extended term loans and cash credit facilities to Sri Mata Infratech Ltd, disbursing Rs. 54.87 Crore between 2010-08-11 and 2011-01-18. Sri Mata Infratech defaulted on repayments, leading SBI to classify the account as a Non-Performing Asset (NPA) on 2012-08-29. SBI initiated recovery proceedings under the SARFAESI Act and filed O.A. No. 2339 of 2017 before the Debt Recovery Tribunal (DRT). The DRT passed an order on 2017-04-22, directing the Corporate Debtor to pay Rs. 65,89,85,331.70. Subsequently, the DRT issued a Recovery Certificate for Rs. 90,81,57,660.70 on 2017-12-16. SBI also issued a notice under Section 13 of the SARFAESI Act in 2014 and took symbolic possession of assets. Sri Mata Infratech filed writ petitions challenging the
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State Bank of India…
State Bank of India completed disbursing loans…
The case involves an application filed by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sri Mata Infratech Limited (Corporate Debtor). The Corporate Debtor had obtained various term loans and cash credit limits from the Financial Creditor, with Rs. 54.87 Crore disbursed between 2010 and 2011. The Corporate Debtor defaulted, leading to the account being declared NPA in 2012. The Financial Creditor pursued recovery measures under SARFAESI Act and filed an Original Application (O.A.) before the Debt Recovery Tribunal (DRT).
State Bank of India (SBI) extended term loans and cash credit facilities to Sri Mata Infratech Ltd, disbursing Rs. 54.87 Crore between 2010-08-11 and 2011-01-18. Sri Mata Infratech defaulted on repayments, leading SBI to classify the account as a Non-Performing Asset (NPA) on 2012-08-29. SBI initiated recovery proceedings under the SARFAESI Act and filed O.A. No. 2339 of 2017 before the Debt Recovery Tribunal (DRT). The DRT passed an order on 2017-04-22, directing the Corporate Debtor to pay Rs. 65,89,85,331.70. Subsequently, the DRT issued a Recovery Certificate for Rs. 90,81,57,660.70 on 2017-12-16. SBI also issued a notice under Section 13 of the SARFAESI Act in 2014 and took symbolic possession of assets. Sri Mata Infratech filed writ petitions challenging the
…State Bank of India…
State Bank of India completed disbursing loans…