State Bank of India (SBI), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Swarna Hospital Private Limited, the corporate debtor, for defaulting on a financial debt of ₹28,36,53,094 as of October 31, 2022. The corporate debtor had availed term loans and fund-based working capital limits totaling ₹17.20 crore from SBI, secured by various agreements and a first paripassu charge. The loan account became irregular and was classified as NPA on July 25, 2014. SBI initiated recovery proceedings before the Debts Recovery Tribunal (DRT), Cuttack, which are still pending. The corporate debtor acknowledged the debt and requested restructuring and
…State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Swarna Hospital Private Limited for a default of ₹28,36,53,094 as of October 31, 2022. Swarna Hospital had availed term loans and fund-based working capital limits totaling ₹17.20 crore from SBI. The loan was secured by agreements and a first paripassu charge. The account was classified as NPA on July 25, 2014. SBI initiated recovery proceedings before the Debts Recovery Tribunal (DRT), Cuttack. Swarna Hospital acknowledged the debt and requested restructuring and offered OTS proposals. The Corporate Debtor argued the application was time-barred, as the default occurred on March 31, 2014,
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The Corporate…
The loan account of the…
State Bank of India (SBI), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Swarna Hospital Private Limited, the corporate debtor, for defaulting on a financial debt of ₹28,36,53,094 as of October 31, 2022. The corporate debtor had availed term loans and fund-based working capital limits totaling ₹17.20 crore from SBI, secured by various agreements and a first paripassu charge. The loan account became irregular and was classified as NPA on July 25, 2014. SBI initiated recovery proceedings before the Debts Recovery Tribunal (DRT), Cuttack, which are still pending. The corporate debtor acknowledged the debt and requested restructuring and
…State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Swarna Hospital Private Limited for a default of ₹28,36,53,094 as of October 31, 2022. Swarna Hospital had availed term loans and fund-based working capital limits totaling ₹17.20 crore from SBI. The loan was secured by agreements and a first paripassu charge. The account was classified as NPA on July 25, 2014. SBI initiated recovery proceedings before the Debts Recovery Tribunal (DRT), Cuttack. Swarna Hospital acknowledged the debt and requested restructuring and offered OTS proposals. The Corporate Debtor argued the application was time-barred, as the default occurred on March 31, 2014,
…The Corporate…
The loan account of the…