K. Anantha Padmanabha Swamy, Member - (1.) Under Consideration is a Company Petition filed by State Bank of India (in short, 'Petitioner/Financial Creditor') against M/s. Summer India Weaving and Processing Mills Private Limited (in short, 'Respondent/Corporate Debtor') under section 7 of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016') r/w Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, 'IB Rules 2016') on grounds of respondent's inability to pay debt.
(2.) The petitioner is State Bank of India, a Banking company whereas the Respondent/Corporate Debtor is a Company registered under the Companies Act, 1956 and engaged in the business of Weaving and Processing mills.
(3.) Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition.;