Indian Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Jeppiaar Cements Private Limited (Corporate Debtor) as a corporate guarantor for loans availed by M/s. Jeppiaar Power Corporation Ltd. An Interim Resolution Professional (IRP) was appointed and later retained as Resolution Professional (RP). The Committee of Creditors (CoC), comprising Indian Bank and HDFC Bank, discussed liquidation but did not vote in favor. Indian Bank had sanctioned a One-Time Settlement (OTS) to the directors/personal guarantors of the principal borrower, with partial payment made. Despite this, the RP filed an application under Section 33(1) of the IBC for liquidation, allegedly based on advice from the Tribunal's Registry. The Adjudicating Authority ordered
…On 27.06.2013, M/s. Jeppiaar Power Corporation Ltd. availed a term loan of ₹92.50 crores from M/s Indian Bank.
M/s. Jeppiaar Cements Private Limited (the corporate debtor) stood as a corporate guarantor for this loan.
On 05.08.2016, the principal borrower availed another loan of ₹48.50 crores from Indian Bank, for which the corporate debtor also offered a corporate guarantee.
The principal borrower defaulted on the loan repayment.
Indian Bank filed an application under Section 7 of IBC against the corporate guarantor, M/s. Jeppiaar Cements Private Limited.
On 10.10.2019, the Adjudicating Authority allowed the petition, drawing the corporate guarantor into CIRP.
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M/s. Jeppiaar Power Corporation Ltd. availed a…
The principal borrower availed another loan of…
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Indian Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Jeppiaar Cements Private Limited (Corporate Debtor) as a corporate guarantor for loans availed by M/s. Jeppiaar Power Corporation Ltd. An Interim Resolution Professional (IRP) was appointed and later retained as Resolution Professional (RP). The Committee of Creditors (CoC), comprising Indian Bank and HDFC Bank, discussed liquidation but did not vote in favor. Indian Bank had sanctioned a One-Time Settlement (OTS) to the directors/personal guarantors of the principal borrower, with partial payment made. Despite this, the RP filed an application under Section 33(1) of the IBC for liquidation, allegedly based on advice from the Tribunal's Registry. The Adjudicating Authority ordered
…On 27.06.2013, M/s. Jeppiaar Power Corporation Ltd. availed a term loan of ₹92.50 crores from M/s Indian Bank.
M/s. Jeppiaar Cements Private Limited (the corporate debtor) stood as a corporate guarantor for this loan.
On 05.08.2016, the principal borrower availed another loan of ₹48.50 crores from Indian Bank, for which the corporate debtor also offered a corporate guarantee.
The principal borrower defaulted on the loan repayment.
Indian Bank filed an application under Section 7 of IBC against the corporate guarantor, M/s. Jeppiaar Cements Private Limited.
On 10.10.2019, the Adjudicating Authority allowed the petition, drawing the corporate guarantor into CIRP.
…M/s. Jeppiaar Power Corporation Ltd. availed a…
The principal borrower availed another loan of…
Sign in to view related legal provisions.