2019 (10) TMI 694

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....is an Insolvency Bankruptcy Application filed u/s 7 of the Insolvency and Bankruptcy Code, 2016 ("the Code") for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor on the ground that the Corporate Debtor defaulted in paying an amount of Rs. 135,65,99,352. 2. On perusal of this Company Petition, it appears that this Financial Creditor (State Bank of India) sanctioned various credit facilities from time to time to the Corporate Debtor. 3. Thereafter, when it has become NPA on 14.03.2014, the Financial Creditor has provided even restructuring of the loan on 13.05.2015, thereafter as this Corporate Debtor failed to keep repaying as per the restructuring package, this Financial Creditor initiated Debt Recove....

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....nt standard, for the debt not being cleared by the Corporate Debtor as agreed, the Financial Creditor has initiated DRT proceedings and the order was obtained from the DRT-I, Chennai on 25.09.2017. Despite almost two years have gone by from the date of the DRT order till date, this Corporate Debtor has not repaid the loan amount. 7. On looking at the application filed by the Financial Creditor and the submissions made by the Financial Creditor as well as the Corporate Debtor, for this Bench being satisfied that the Financial Creditor has proved the existence of debt of Rs. 135,65,99,352 and default as on 31.03.2019 against this Corporate Debtor. The Financial Creditor has also filed consent letter in form-2 given by the Insolvency Resolu....