HDFC Bank Limited, the Applicant, filed a petition under Section 7 of the IBC, 2016 against Madhuvan Tieup Private Limited, the Respondent.

The Applicant claimed a default of Rs. 80,78,16,596.11/- as of 19.12.2022, besides accrued interest since 20.12.2022, with the date of default being 27.12.2019 when the account became NPA.

The Applicant granted credit/loan facilities to the Respondent vide Sanction Letters dated 31.05.2017 and 11.05.2018, totaling Rs. 86.50 crores.

The Respondent raised objections, including that the application was for recovery, not resolution, and that SARFAESI proceedings were initiated.

The Respondent also claimed the application was barred by Section 215 and 10A of IBC, 2016, and that multiple loan accounts were improperly clubbed.

HDFC Bank Limited, the Applicant, filed a petition under Section 7 of the IBC, 2016 against Madhuvan Tieup Private Limited, the Respondent.

The Applicant claimed a default of Rs. 80,78,16,596.11/- as of 19.12.2022, besides accrued interest since 20.12.2022, with the date of default being 27.12.2019 when the account became NPA.

The Applicant granted credit/loan facilities to the Respondent vide Sanction Letters dated 31.05.2017 and 11.05.2018, totaling Rs. 86.50 crores.

The Respondent raised objections, including that the application was for recovery, not resolution, and that SARFAESI proceedings were initiated.

The Respondent also claimed the application was barred by Section 215 and 10A of IBC, 2016, and that multiple loan accounts were improperly clubbed.