State Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s Aaj Ka Anand Papers Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs. 248,46,99,997.23/-. The Corporate Debtor denied the claim, asserting that the application was barred by limitation and that no demand notice was issued. The Financial Creditor submitted that the Corporate Debtor had admitted its liability in a letter dated 29.05.2019 and in its Audited Financial Statements.
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against M/s Aaj Ka Anand Papers Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). SBI claimed a total default of Rs. 248,46,99,997.23/-, with the date of default being 28.06.2014 and the date of NPA classification being 27.09.2014. SBI had sanctioned various credit facilities to the Corporate Debtor, including Cash Credit Loan, Working Capital Term Loan, and Funded Interest Term Loan. A Working Capital Consortium Agreement was executed on 30.10.2007 between Axis Bank and Barclays Bank PLC, which led to a Master Joint Lenders Forum (JLF) Agreement dated 25.06.2014. The Corporate
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The account of the Corporate Debtor was…
State Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s Aaj Ka Anand Papers Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs. 248,46,99,997.23/-. The Corporate Debtor denied the claim, asserting that the application was barred by limitation and that no demand notice was issued. The Financial Creditor submitted that the Corporate Debtor had admitted its liability in a letter dated 29.05.2019 and in its Audited Financial Statements.
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against M/s Aaj Ka Anand Papers Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). SBI claimed a total default of Rs. 248,46,99,997.23/-, with the date of default being 28.06.2014 and the date of NPA classification being 27.09.2014. SBI had sanctioned various credit facilities to the Corporate Debtor, including Cash Credit Loan, Working Capital Term Loan, and Funded Interest Term Loan. A Working Capital Consortium Agreement was executed on 30.10.2007 between Axis Bank and Barclays Bank PLC, which led to a Master Joint Lenders Forum (JLF) Agreement dated 25.06.2014. The Corporate
…The Corporate Debtor…
The account of the Corporate Debtor was…