Indian Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Pravista Infra Private Limited, the Corporate Debtor.
The Corporate Debtor availed a Secured Overdraft facility of Rs. 10,00,00,000/- from Indian Bank.
The Corporate Debtor defaulted in repayment of the said facility.
Indian Bank approached the Debt Recovery Tribunal (DRT), Hyderabad-I, by filing O.A. No. 139 of 2021.
The DRT decreed the matter in favor of Indian Bank and issued Recovery Certificate No. 143 of 2022 on 26.07.2022 for recovery of Rs. 10,82,13,052.22/- with future interest.
Indian Bank reported the default of the Corporate Debtor to the National E-Governance Services Limited (NeSL) on 29.03.2024.
The date of default was recorded as 01.04.2018, and the defaulted amount was recorded as Rs. 6,97,45,062/-.
Indian Bank also invoked provisions of the SARFAESI Act and issued a sale notice dated 23.05.2023.
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The Corporate Debtor…
The DRT passed an order on 12.04.2022,…
Indian Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Pravista Infra Private Limited, the Corporate Debtor.
The Corporate Debtor availed a Secured Overdraft facility of Rs. 10,00,00,000/- from Indian Bank.
The Corporate Debtor defaulted in repayment of the said facility.
Indian Bank approached the Debt Recovery Tribunal (DRT), Hyderabad-I, by filing O.A. No. 139 of 2021.
The DRT decreed the matter in favor of Indian Bank and issued Recovery Certificate No. 143 of 2022 on 26.07.2022 for recovery of Rs. 10,82,13,052.22/- with future interest.
Indian Bank reported the default of the Corporate Debtor to the National E-Governance Services Limited (NeSL) on 29.03.2024.
The date of default was recorded as 01.04.2018, and the defaulted amount was recorded as Rs. 6,97,45,062/-.
Indian Bank also invoked provisions of the SARFAESI Act and issued a sale notice dated 23.05.2023.
…The Corporate Debtor…
The DRT passed an order on 12.04.2022,…