In a recent case, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) admitted the application for initiation of Corporate Insolvency Resolution Process (CIRP) by SBI against the Corporate Debtor for providing financial assistance of Rs.25.75 Cr.
The Petition is filed by the Applicant- State Bank of India ( “Financial Creditor”) against the Respondent- Raninga Paper Mills Private Limited ( “Corporate Debtor”) under Section 7 of the Insolvency and Bankruptcy Code, 2016 ( “IBC, 2016”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ( “1B (AAA) Rules, 2016”) for initiation of Corporate Insolvency Resolution Process (CIRP), to appoint Interim Resolution…