2017 (7) TMI 1234

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....a, For the Petitioner Order Smt. Ina Malhotra, 1. This petition has been filed by the State Bank of India under Section 7 of the Insolvency Bankruptcy Code, 2016 (hereinafter referred to as Code). As per averments, the petitioner, a Financial Creditor, seeks to trigger Insolvency Process against the respondent Corporate Debtor which is in huge default of repayment of their loans. 2. Th....

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....r, to resort to a Resolution process for a possible turnaround of the Corporate Debtor, more so as the guarantees and mortgages offered are not sufficient to meet the outstanding debt. 4. Despite notice issued to the Corporate Debtor, none appeared on their behalf. 5. The petition has been filed in the required format through a duly authorized person and the total amount claimed to be in def....