The appeal is against an order dated 30.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal) New Delhi Bench (Court-II), which admitted a Section 7 application filed by Indian Bank. The appellant, Apresh Garg, had been extended a loan facility by a consortium of banks through a joint consortium agreement executed on 25.10.2017. Indian Overseas Bank is the lead bank in the consortium, which comprises 11 banks, including Indian Bank. Indian Bank's share in the total lending to the Corporate Debtor is 2.47%. The Corporate Debtor is a going concern and had submitted a debt restructuring plan to the lead bank. While most banks in the consortium were considering the restructuring proposal, Indian Bank filed the Section 7 application claiming Rs.
…Apresh Garg, the appellant, received a loan from a consortium of banks, with Indian Overseas Bank as the lead bank, under an agreement dated 25.10.2017. Indian Bank, holding a 2.47% share in the lending, filed a Section 7 application claiming Rs. 51,07,40,896/- due as of 10.08.2023. The Corporate Debtor proposed a debt restructuring plan. While most banks considered the plan, Indian Bank initiated insolvency proceedings. Lenders considered assigning the debt to NARCL, and the Delhi High Court ordered a review of the Corporate Debtor's credit rating. The Adjudicating Authority admitted the Section 7 application on 30.01.2024, leading to the appeal. 93% of the lenders agreed in principle to restructure the debt. The lenders also agreed to assign the debt to NARCL. The
…Sign in to view the parties.
Loan facility extended to the Appellant by…
Indian Bank filed…
The appeal is against an order dated 30.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal) New Delhi Bench (Court-II), which admitted a Section 7 application filed by Indian Bank. The appellant, Apresh Garg, had been extended a loan facility by a consortium of banks through a joint consortium agreement executed on 25.10.2017. Indian Overseas Bank is the lead bank in the consortium, which comprises 11 banks, including Indian Bank. Indian Bank's share in the total lending to the Corporate Debtor is 2.47%. The Corporate Debtor is a going concern and had submitted a debt restructuring plan to the lead bank. While most banks in the consortium were considering the restructuring proposal, Indian Bank filed the Section 7 application claiming Rs.
…Apresh Garg, the appellant, received a loan from a consortium of banks, with Indian Overseas Bank as the lead bank, under an agreement dated 25.10.2017. Indian Bank, holding a 2.47% share in the lending, filed a Section 7 application claiming Rs. 51,07,40,896/- due as of 10.08.2023. The Corporate Debtor proposed a debt restructuring plan. While most banks considered the plan, Indian Bank initiated insolvency proceedings. Lenders considered assigning the debt to NARCL, and the Delhi High Court ordered a review of the Corporate Debtor's credit rating. The Adjudicating Authority admitted the Section 7 application on 30.01.2024, leading to the appeal. 93% of the lenders agreed in principle to restructure the debt. The lenders also agreed to assign the debt to NARCL. The
…Loan facility extended to the Appellant by…
Indian Bank filed…