This case involves an appeal against an order dated 15.10.2024 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted a Section 7 application filed by Export-Import Bank of India and other banks under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, a suspended director of the Corporate Debtor, challenged the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The financial creditors had extended a term loan facility to M/s Svizera Holdings B.V., a subsidiary of the Corporate Debtor, with the Corporate Debtor acting as a guarantor. The borrower defaulted, leading to the account being classified as a Non-Performing Asset (NPA). The financial creditors filed a suit in the UK and initiated
…The Financial Creditors extended a Term Loan Facility of USD 45 million to M/s Svizera Holdings B.V. (Principal Borrower), a subsidiary of the Corporate Debtor (CD), under a Facility Agreement dated 24.09.2007, with the CD acting as Guarantor. The Principal Borrower and the CD failed to repay the amounts due, leading to the account being classified as Non-Performing Assets (NPA) in 2011. The Agent Barclays Bank PLC issued a notice dated 03.02.2012 to the Borrower and Corporate Guarantor, followed by a Demand Notice dated 21.02.2012. The Respondent Banks filed a suit against the Principal Borrower and the CD in the UK. The CD also filed a reference under Section 15(1) of the Sick Industrial Companies Act, 1985 (SICA). After the repeal of SICA on 01.12.2016, the
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Term Loan Facility…
Account classi…
This case involves an appeal against an order dated 15.10.2024 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted a Section 7 application filed by Export-Import Bank of India and other banks under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, a suspended director of the Corporate Debtor, challenged the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The financial creditors had extended a term loan facility to M/s Svizera Holdings B.V., a subsidiary of the Corporate Debtor, with the Corporate Debtor acting as a guarantor. The borrower defaulted, leading to the account being classified as a Non-Performing Asset (NPA). The financial creditors filed a suit in the UK and initiated
…The Financial Creditors extended a Term Loan Facility of USD 45 million to M/s Svizera Holdings B.V. (Principal Borrower), a subsidiary of the Corporate Debtor (CD), under a Facility Agreement dated 24.09.2007, with the CD acting as Guarantor. The Principal Borrower and the CD failed to repay the amounts due, leading to the account being classified as Non-Performing Assets (NPA) in 2011. The Agent Barclays Bank PLC issued a notice dated 03.02.2012 to the Borrower and Corporate Guarantor, followed by a Demand Notice dated 21.02.2012. The Respondent Banks filed a suit against the Principal Borrower and the CD in the UK. The CD also filed a reference under Section 15(1) of the Sick Industrial Companies Act, 1985 (SICA). After the repeal of SICA on 01.12.2016, the
…Term Loan Facility…
Account classi…