HDFC Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against K.B. Sponge Iron Limited, the Corporate Debtor, due to default in repayment of financial facilities.
HDFC Bank Limited sanctioned credit facilities amounting to Rs 16,31,84,572.00 to K.B. Sponge Iron Limited.
K.B. Sponge Iron Limited defaulted on the repayment of the debt, with the date of default being 04.02.2024.
HDFC Bank issued a demand notice to K.B. Sponge Iron Limited and the Personal Guarantors on 09.04.2024.
K.B. Sponge Iron Limited submitted a restructuring proposal to HDFC Bank, which was rejected.
HDFC Bank declared the loan accounts of K.B. Sponge Iron Limited as NPA on 04.02.2024.
K.B. Sponge Iron Limited filed a SARFAESI Application before the Debts Recovery Tribunal No. 1, Kolkata.
HDFC Bank also instituted three separate applications under Section 95 of the IBC Code 2016 against Ramesh Kumar Kejriwal, Aditya Kejriwal and Vishal Kejriwal.
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HDFC Bank sanctioned…
The Corporate Debtor…
HDFC Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against K.B. Sponge Iron Limited, the Corporate Debtor, due to default in repayment of financial facilities.
HDFC Bank Limited sanctioned credit facilities amounting to Rs 16,31,84,572.00 to K.B. Sponge Iron Limited.
K.B. Sponge Iron Limited defaulted on the repayment of the debt, with the date of default being 04.02.2024.
HDFC Bank issued a demand notice to K.B. Sponge Iron Limited and the Personal Guarantors on 09.04.2024.
K.B. Sponge Iron Limited submitted a restructuring proposal to HDFC Bank, which was rejected.
HDFC Bank declared the loan accounts of K.B. Sponge Iron Limited as NPA on 04.02.2024.
K.B. Sponge Iron Limited filed a SARFAESI Application before the Debts Recovery Tribunal No. 1, Kolkata.
HDFC Bank also instituted three separate applications under Section 95 of the IBC Code 2016 against Ramesh Kumar Kejriwal, Aditya Kejriwal and Vishal Kejriwal.
…HDFC Bank sanctioned…
The Corporate Debtor…