The State Bank of India, as the appellant, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Krishidhan Seeds Private Limited, the respondent, for initiating the Corporate Insolvency Resolution Process (CIRP). The National Company Law Tribunal (NCLT) rejected the application, citing limitation issues. The appellant then appealed to the National Company Law Appellate Tribunal (NCLAT), which upheld the NCLT's decision. The appellant then appealed to the Supreme Court.
The State Bank of India (SBI) extended credit facilities to Krishidhan Seeds Private Limited, commencing from November 30, 2006. As of June 24, 2013, the outstanding amount under these facilities totaled Rs 102.4 crores. Krishidhan Seeds allegedly defaulted on repayments, leading SBI to classify the account as a Non-Performing Asset (NPA) on June 10, 2014. SBI initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, while also engaging in negotiations for a One-Time Settlement (OTS). Krishidhan Seeds offered an OTS of Rs 61 crores in January 2016, which SBI conditionally accepted. However, in September 2017,
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State Bank of India commenced extending credit…
The outstanding amount under the credit…
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The State Bank of India, as the appellant, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Krishidhan Seeds Private Limited, the respondent, for initiating the Corporate Insolvency Resolution Process (CIRP). The National Company Law Tribunal (NCLT) rejected the application, citing limitation issues. The appellant then appealed to the National Company Law Appellate Tribunal (NCLAT), which upheld the NCLT's decision. The appellant then appealed to the Supreme Court.
The State Bank of India (SBI) extended credit facilities to Krishidhan Seeds Private Limited, commencing from November 30, 2006. As of June 24, 2013, the outstanding amount under these facilities totaled Rs 102.4 crores. Krishidhan Seeds allegedly defaulted on repayments, leading SBI to classify the account as a Non-Performing Asset (NPA) on June 10, 2014. SBI initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, while also engaging in negotiations for a One-Time Settlement (OTS). Krishidhan Seeds offered an OTS of Rs 61 crores in January 2016, which SBI conditionally accepted. However, in September 2017,
…State Bank of India commenced extending credit…
The outstanding amount under the credit…
Sign in to view related legal provisions.