Central Bank of India Limited (Financial Creditor) filed an application under Section 7 of the IBC against Shri Gajanan Maharaj Sugar Limited (Corporate Debtor) for initiating CIRP due to an alleged default in repayment of financial facilities totaling Rs. 23.68 Crores. The loan account became irregular in 2019, leading to SARFAESI action. An OTS proposal was approved in 2023, but the Corporate Debtor failed to comply, resulting in the OTS revocation by the Financial Creditor on 13.01.2025, which was then considered the fresh date of default. The Corporate Debtor raised objections regarding the disclosure of disbursement dates, calculation of interest, authorization for filing, limitation, and the pendency of recovery proceedings before the DRT.

Central Bank of India Limited (Financial Creditor) filed an application under Section 7 of the IBC against Shri Gajanan Maharaj Sugar Limited (Corporate Debtor) for initiating CIRP due to an alleged default in repayment of financial facilities totaling Rs. 23.68 Crores. The loan account became irregular in 2019, leading to SARFAESI action. An OTS proposal was approved in 2023, but the Corporate Debtor failed to comply, resulting in the OTS revocation by the Financial Creditor on 13.01.2025, which was then considered the fresh date of default. The Corporate Debtor raised objections regarding the disclosure of disbursement dates, calculation of interest, authorization for filing, limitation, and the pendency of recovery proceedings before the DRT.