M.M. Kumar, President - (1.) The 'Financial Creditor'-State Bank of India has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of M/s. Shakti Bhog Foods Limited. The petitioner claims itself to be an 'Financial Creditor' and has asserted that 'Financial debt' for a sum of Rs. 20,45,34,90,165.90 (Rupees Two Thousand Forty Five Crores
(2.) Thirty Four Lakh Ninety Thousand One Hundred Sixty Five) as on 27.12.2017 is recoverable under various loan facilities like Corporate loan, Working Capital Credit facility etc. granted by them to the Corporate Debtor. The whole amount is stated to be in default.
(3.) The necessity of going into the merit of the claim made by the petitioner is obviated because against the Corporate Debtor Hon'ble High Court of Delhi have admitted Company Petition namely CFSIT, Inc v. Shakti Bhog Foods Limited, Company Petition No. 987/2015 vide order dated 18.01.2018.;