State Bank of India (Financial Creditor) filed a Section 7 application under the IBC against Bhakti Extractions Private Limited (Corporate Debtor) due to a default on credit facilities. The Corporate Debtor had availed substantial credit, which was repeatedly renewed and enhanced, secured by various assets and personal guarantees. The account was declared NPA on March 31, 2025, with over Rs. 66 Crores outstanding. The Corporate Debtor raised objections regarding the authorization of the Financial Creditor's representative and the non-compliance with MSME restructuring guidelines.
State Bank of India (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against Bhakti Extractions Private Limited (Corporate Debtor).
The application, C.P.(IB) No.730/MB/2026, was filed on June 25, 2026.
The Corporate Debtor availed credit facilities from the Financial Creditor, initially aggregating to Rs. 3 Crores, which were subsequently enhanced and modified over time, with the last enhancement being for Rs. 57,84,00,000/- on August 30, 2024.
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Initial credit facilities aggregating to Rs.…
The Corporate Debtor passed a Board Resolution…
State Bank of India (Financial Creditor) filed a Section 7 application under the IBC against Bhakti Extractions Private Limited (Corporate Debtor) due to a default on credit facilities. The Corporate Debtor had availed substantial credit, which was repeatedly renewed and enhanced, secured by various assets and personal guarantees. The account was declared NPA on March 31, 2025, with over Rs. 66 Crores outstanding. The Corporate Debtor raised objections regarding the authorization of the Financial Creditor's representative and the non-compliance with MSME restructuring guidelines.
State Bank of India (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against Bhakti Extractions Private Limited (Corporate Debtor).
The application, C.P.(IB) No.730/MB/2026, was filed on June 25, 2026.
The Corporate Debtor availed credit facilities from the Financial Creditor, initially aggregating to Rs. 3 Crores, which were subsequently enhanced and modified over time, with the last enhancement being for Rs. 57,84,00,000/- on August 30, 2024.
…Initial credit facilities aggregating to Rs.…
The Corporate Debtor passed a Board Resolution…