The case involves an application (I.A. No. 4428 of 2023) filed by CFM Asset Reconstruction Private Limited seeking direction against Vidarbha Industries Power Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of NCLT Rules, 2016. The application seeks to substitute CFM Asset Reconstruction Private Limited as the Financial Creditor in place of State Bank of India in a Company Petition (IB) No. 1234 of 2022. State Bank of India, as part of a consortium of lenders, had extended credit facilities to Vidarbha Industries Power Limited, which defaulted, leading to its account being declared a Non-Performing Asset (NPA). Subsequently, State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Vidarbha Industries
…State Bank of India, as part of a consortium, extended credit facilities to Vidarbha Industries Power Limited. Vidarbha Industries Power Limited defaulted on its payment obligations. State Bank of India declared the account of Vidarbha Industries Power Limited as a Non-Performing Asset (NPA) on June 29, 2019. In November 2022, State Bank of India filed a Company Petition under Section 7 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against Vidarbha Industries Power Limited, claiming a default of Rs. 2,043.98 crores as of October 31, 2022. During the pendency of the Company Petition, State Bank of India assigned its rights to CFM Asset Reconstruction Private Limited via an assignment agreement dated August 17, 2023. CFM Asset Reconstruction
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State Bank of India declared the account of…
State Bank of India filed a Company Petition…
The case involves an application (I.A. No. 4428 of 2023) filed by CFM Asset Reconstruction Private Limited seeking direction against Vidarbha Industries Power Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of NCLT Rules, 2016. The application seeks to substitute CFM Asset Reconstruction Private Limited as the Financial Creditor in place of State Bank of India in a Company Petition (IB) No. 1234 of 2022. State Bank of India, as part of a consortium of lenders, had extended credit facilities to Vidarbha Industries Power Limited, which defaulted, leading to its account being declared a Non-Performing Asset (NPA). Subsequently, State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Vidarbha Industries
…State Bank of India, as part of a consortium, extended credit facilities to Vidarbha Industries Power Limited. Vidarbha Industries Power Limited defaulted on its payment obligations. State Bank of India declared the account of Vidarbha Industries Power Limited as a Non-Performing Asset (NPA) on June 29, 2019. In November 2022, State Bank of India filed a Company Petition under Section 7 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against Vidarbha Industries Power Limited, claiming a default of Rs. 2,043.98 crores as of October 31, 2022. During the pendency of the Company Petition, State Bank of India assigned its rights to CFM Asset Reconstruction Private Limited via an assignment agreement dated August 17, 2023. CFM Asset Reconstruction
…State Bank of India declared the account of…
State Bank of India filed a Company Petition…