The appeals were filed against the order dated 11.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP(IB) No. 131/KB/2020, which admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by ICICI Bank Limited Financial Creditor (Respondent No. 1) and initiated Corporate Insolvency Resolution Process (CIRP) against Mc Nally Sayaji Engineering Limited Corporate Debtor (Respondent No. 2). Mr. Aseem Srivastav, the Suspended Director of the Corporate Debtor Company, filed CA (AT) (Ins) No. 147 of 2021, while Kotak Mahindra Bank Limited filed CA (AT) (Ins) No. 378 of 2021 against the same order.
ICICI Bank Limited granted and disbursed Rupee Term Loan and Working Capital facilities to Mc Nally Sayaji Engineering Limited. The Rupee Term Loan facility I of Rs. 25 Crores was disbursed on June 18, 2015. The Rupee Term Loan facility II of Rs. 25 Crores was disbursed on June 27, 2015. The Working Capital facility was renewed from time to time. The total amount in default in facility I as on December 31, 2019, was Rs. 14,50,49,157.39, with the date of default being January 31, 2019. The amount of default under facility II as on December 31, 2019, was Rs. 14,50,75,502, with the date of default being January 31, 2019. The amount of default under the Working Capital Facility as on December 31, 2019, was Rs. 45,84,41,659.02, with the date of default being January 28,
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Rupee Term Loan…
Rupee Term Loan…
The appeals were filed against the order dated 11.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP(IB) No. 131/KB/2020, which admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by ICICI Bank Limited Financial Creditor (Respondent No. 1) and initiated Corporate Insolvency Resolution Process (CIRP) against Mc Nally Sayaji Engineering Limited Corporate Debtor (Respondent No. 2). Mr. Aseem Srivastav, the Suspended Director of the Corporate Debtor Company, filed CA (AT) (Ins) No. 147 of 2021, while Kotak Mahindra Bank Limited filed CA (AT) (Ins) No. 378 of 2021 against the same order.
ICICI Bank Limited granted and disbursed Rupee Term Loan and Working Capital facilities to Mc Nally Sayaji Engineering Limited. The Rupee Term Loan facility I of Rs. 25 Crores was disbursed on June 18, 2015. The Rupee Term Loan facility II of Rs. 25 Crores was disbursed on June 27, 2015. The Working Capital facility was renewed from time to time. The total amount in default in facility I as on December 31, 2019, was Rs. 14,50,49,157.39, with the date of default being January 31, 2019. The amount of default under facility II as on December 31, 2019, was Rs. 14,50,75,502, with the date of default being January 31, 2019. The amount of default under the Working Capital Facility as on December 31, 2019, was Rs. 45,84,41,659.02, with the date of default being January 28,
…Rupee Term Loan…
Rupee Term Loan…