Bank of India, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Veer Kunwar Singh Steel Private Limited (Corporate Debtor). The Corporate Debtor had availed cash credit facilities of Rs. 6 Crores in 2011, which subsequently became a Non-Performing Asset (NPA) on April 30, 2019, due to non-repayment. Demand notices and legal notices were issued, and as of October 31, 2025, a sum of over Rs. 18 Crores was due. A recovery certificate had previously been issued by the Debts Recovery Tribunal (DRT) on January 30, 2023. The Corporate Debtor failed to appear before the NCLT despite due notice, leading to the matter proceeding ex-parte.
Bank of India (Applicant/Financial Creditor) filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Veer Kunwar Singh Steel Private Limited (Respondent/Corporate Debtor).
The Applicant is a financial institution.
Mr. Ashim Kumar was duly authorized to prefer the petition on behalf of the Applicant.
The Corporate Debtor was incorporated on 06.04.2005, with its registered office in Kolkata, establishing the Tribunal's territorial jurisdiction.
The Corporate Debtor availed cash credit facilities of Rs. 6 Crores from the Applicant, sanctioned on 05.03.2011, and executed several security documents.
A guarantor for the credit facilities created an equitable mortgage in favour of the Applicant Bank.
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Cash credit facilities…
Acknowledgment of…
Bank of India, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Veer Kunwar Singh Steel Private Limited (Corporate Debtor). The Corporate Debtor had availed cash credit facilities of Rs. 6 Crores in 2011, which subsequently became a Non-Performing Asset (NPA) on April 30, 2019, due to non-repayment. Demand notices and legal notices were issued, and as of October 31, 2025, a sum of over Rs. 18 Crores was due. A recovery certificate had previously been issued by the Debts Recovery Tribunal (DRT) on January 30, 2023. The Corporate Debtor failed to appear before the NCLT despite due notice, leading to the matter proceeding ex-parte.
Bank of India (Applicant/Financial Creditor) filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Veer Kunwar Singh Steel Private Limited (Respondent/Corporate Debtor).
The Applicant is a financial institution.
Mr. Ashim Kumar was duly authorized to prefer the petition on behalf of the Applicant.
The Corporate Debtor was incorporated on 06.04.2005, with its registered office in Kolkata, establishing the Tribunal's territorial jurisdiction.
The Corporate Debtor availed cash credit facilities of Rs. 6 Crores from the Applicant, sanctioned on 05.03.2011, and executed several security documents.
A guarantor for the credit facilities created an equitable mortgage in favour of the Applicant Bank.
…Cash credit facilities…
Acknowledgment of…