HDFC Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against K.B. Sponge Iron Limited, the Corporate Debtor, due to default in repayment of credit facilities.
HDFC Bank Limited sanctioned credit facilities amounting to Rs 16,31,84,572.00 to K.B. Sponge Iron Limited.
The Corporate Debtor defaulted in the payment of the debt on 04.02.2024.
A Demand Notice was issued by A.K. Singh & Associates on behalf of the Applicant Bank on 09.04.2024 to the Corporate Debtor and the Personal Guarantors.
The outstanding amount as on 05.06.2024 was Rs. 16,17,40,701.72/-.
The applicant proposed the name of Sushanta Kumar Choudhury as Interim Resolution Professional.
The respondent claimed that the present petition is filed as an arm twisting method with no intent of any resolution of the alleged corporate debtor.
The respondent submitted a restructuring proposal vide letter dated 24.01.2024 to the Petitioner bank, which was refused.
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HDFC Bank Limited sanctioned various credit…
The Corporate Debtor executed various loan and…
HDFC Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against K.B. Sponge Iron Limited, the Corporate Debtor, due to default in repayment of credit facilities.
HDFC Bank Limited sanctioned credit facilities amounting to Rs 16,31,84,572.00 to K.B. Sponge Iron Limited.
The Corporate Debtor defaulted in the payment of the debt on 04.02.2024.
A Demand Notice was issued by A.K. Singh & Associates on behalf of the Applicant Bank on 09.04.2024 to the Corporate Debtor and the Personal Guarantors.
The outstanding amount as on 05.06.2024 was Rs. 16,17,40,701.72/-.
The applicant proposed the name of Sushanta Kumar Choudhury as Interim Resolution Professional.
The respondent claimed that the present petition is filed as an arm twisting method with no intent of any resolution of the alleged corporate debtor.
The respondent submitted a restructuring proposal vide letter dated 24.01.2024 to the Petitioner bank, which was refused.
…HDFC Bank Limited sanctioned various credit…
The Corporate Debtor executed various loan and…