The appeal challenges an order dated 2022-03-25 by the Adjudicating Authority (NCLT, Mumbai Bench) dismissing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to limitation. Several banks, including Export-Import Bank of India, Bank of India, State Bank of India, and Union Bank of India, along with Barclays Bank PLC, extended term loan facilities to Svizera Holdings B.V., a subsidiary of Maneesh Pharmaceuticals Limited (the Respondent). The loan was secured by hypothecation deeds, a share pledge agreement, and a memorandum of mortgage. The Respondent provided a corporate guarantee. The Borrower defaulted, leading to its classification as NPA. The Facility Agent sent a loan acceleration notice and invoked the corporate guarantee. A foreign
…Several banks, including Export-Import Bank of India, Bank of India, State Bank of India, and Union Bank of India, along with Barclays Bank PLC, extended term loan facilities to M/s Svizera Holdings B.V. for USD 45 million. Svizera Holdings B.V. is a company incorporated under the laws of the Netherlands and a wholly owned foreign subsidiary of Maneesh Pharmaceuticals Limited (the Respondent). The loan was secured by hypothecation deeds dated 2008-06-03, a share pledge agreement dated 2018-06-03, and a memorandum of mortgage dated 2010-03-26. Maneesh Pharmaceuticals Limited provided a corporate guarantee for the loan. The Borrower defaulted on repayments, leading to its classification as a Non-Performing Asset (NPA). The Facility Agent sent a loan acceleration notice
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Facility agreement executed between the…
Two deeds of hypothecati…
The appeal challenges an order dated 2022-03-25 by the Adjudicating Authority (NCLT, Mumbai Bench) dismissing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to limitation. Several banks, including Export-Import Bank of India, Bank of India, State Bank of India, and Union Bank of India, along with Barclays Bank PLC, extended term loan facilities to Svizera Holdings B.V., a subsidiary of Maneesh Pharmaceuticals Limited (the Respondent). The loan was secured by hypothecation deeds, a share pledge agreement, and a memorandum of mortgage. The Respondent provided a corporate guarantee. The Borrower defaulted, leading to its classification as NPA. The Facility Agent sent a loan acceleration notice and invoked the corporate guarantee. A foreign
…Several banks, including Export-Import Bank of India, Bank of India, State Bank of India, and Union Bank of India, along with Barclays Bank PLC, extended term loan facilities to M/s Svizera Holdings B.V. for USD 45 million. Svizera Holdings B.V. is a company incorporated under the laws of the Netherlands and a wholly owned foreign subsidiary of Maneesh Pharmaceuticals Limited (the Respondent). The loan was secured by hypothecation deeds dated 2008-06-03, a share pledge agreement dated 2018-06-03, and a memorandum of mortgage dated 2010-03-26. Maneesh Pharmaceuticals Limited provided a corporate guarantee for the loan. The Borrower defaulted on repayments, leading to its classification as a Non-Performing Asset (NPA). The Facility Agent sent a loan acceleration notice
…Facility agreement executed between the…
Two deeds of hypothecati…