IDBI Bank Limited, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against ACIL Limited, the corporate debtor. The application was filed due to the corporate debtor's failure to repay outstanding dues. The applicant bank had sanctioned and disbursed loan amounts to the corporate debtor, and the corporate debtor had availed these facilities. However, the respondent failed to maintain financial discipline and repay the dues, leading to its account being classified as a Non-Performing Asset (NPA) on 15.03.2016.
IDBI Bank Limited, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ACIL Limited, the corporate debtor. ACIL Limited was incorporated on 15.04.1997. IDBI Bank sanctioned a term loan of Rs. 254 crore on 27.03.2012. The applicant and the respondent executed a Loan Agreement dated 29.03.2012. The respondent company utilized the entire amount of Rs. 254 crores. The Respondent requested for fresh/renewal of credit facilities. The Lenders agreed to provide fresh corporate loans and further to continue/renew the Existing Term Loans and Existing Working Capital. The Petitioner was designated as the Lead Bank. The Framework Agreement for Corrective Action
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ACIL Limite…
IDBI Bank sanctioned a…
IDBI Bank Limited, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against ACIL Limited, the corporate debtor. The application was filed due to the corporate debtor's failure to repay outstanding dues. The applicant bank had sanctioned and disbursed loan amounts to the corporate debtor, and the corporate debtor had availed these facilities. However, the respondent failed to maintain financial discipline and repay the dues, leading to its account being classified as a Non-Performing Asset (NPA) on 15.03.2016.
IDBI Bank Limited, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ACIL Limited, the corporate debtor. ACIL Limited was incorporated on 15.04.1997. IDBI Bank sanctioned a term loan of Rs. 254 crore on 27.03.2012. The applicant and the respondent executed a Loan Agreement dated 29.03.2012. The respondent company utilized the entire amount of Rs. 254 crores. The Respondent requested for fresh/renewal of credit facilities. The Lenders agreed to provide fresh corporate loans and further to continue/renew the Existing Term Loans and Existing Working Capital. The Petitioner was designated as the Lead Bank. The Framework Agreement for Corrective Action
…ACIL Limite…
IDBI Bank sanctioned a…