Hinduja Leyland Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against M/s SMO Ferro Alloys Private Limited (Corporate Debtor) for the initiation of the Corporate Insolvency Resolution Process (CIRP). The application alleged a financial debt default of Rs. 117,28,79,394.89/- arising from eight interconnected Loan Against Property (LAP) facilities totaling Rs. 110,00,00,000/-. The Corporate Debtor contended that the default was temporary due to the revocation of a mining block allocation by the State Government of Rajasthan, challenged its borrowing capacity without a Special Resolution under Section 180(1)(c) of the Companies Act, 2013, and raised objections regarding inconsistencies in
…Hinduja Leyland Finance Limited (Financial Creditor/Petitioner) filed an application under Section 7 of the IBC against M/s SMO Ferro Alloys Private Limited (Corporate Debtor).
The application seeks initiation of CIRP for a financial debt and default aggregating Rs. 117,28,79,394.89/-.
The debt arises from eight interconnected Loan Against Property (LAP) facilities aggregating Rs. 110,00,00,000/- sanctioned and disbursed by the Petitioner on 05.08.2024.
The Corporate Debtor is part of a common borrowing group, including M/s Owais Metal & Mineral Processing Limited and members of the Sayyed/Saiyyed family.
Mr. Harsh Kumar, Regional Legal Manager of the Petitioner, is authorized to file the application.
Mr. Rajesh Lohia is proposed as the Interim Resolution Professional (IRP).
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Loan applications were…
A Credit Appraisal Memo was followed by a…
Hinduja Leyland Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against M/s SMO Ferro Alloys Private Limited (Corporate Debtor) for the initiation of the Corporate Insolvency Resolution Process (CIRP). The application alleged a financial debt default of Rs. 117,28,79,394.89/- arising from eight interconnected Loan Against Property (LAP) facilities totaling Rs. 110,00,00,000/-. The Corporate Debtor contended that the default was temporary due to the revocation of a mining block allocation by the State Government of Rajasthan, challenged its borrowing capacity without a Special Resolution under Section 180(1)(c) of the Companies Act, 2013, and raised objections regarding inconsistencies in
…Hinduja Leyland Finance Limited (Financial Creditor/Petitioner) filed an application under Section 7 of the IBC against M/s SMO Ferro Alloys Private Limited (Corporate Debtor).
The application seeks initiation of CIRP for a financial debt and default aggregating Rs. 117,28,79,394.89/-.
The debt arises from eight interconnected Loan Against Property (LAP) facilities aggregating Rs. 110,00,00,000/- sanctioned and disbursed by the Petitioner on 05.08.2024.
The Corporate Debtor is part of a common borrowing group, including M/s Owais Metal & Mineral Processing Limited and members of the Sayyed/Saiyyed family.
Mr. Harsh Kumar, Regional Legal Manager of the Petitioner, is authorized to file the application.
Mr. Rajesh Lohia is proposed as the Interim Resolution Professional (IRP).
…Loan applications were…
A Credit Appraisal Memo was followed by a…