State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Adhunik Metaliks Ltd., a corporate debtor. SBI, through a Gazette notification dated 22/2/2017, acquired the business, including assets and liabilities, of several other banks. SBI claimed that it had granted various loans to Adhunik Metaliks Ltd. pursuant to a Master Restructuring Agreement dated 30/3/2015, a Supplemental Master Restructuring Agreement dated 26/6/2015, and a Common Loan Agreement dated 21/3/2014. Adhunik Metaliks Ltd. allegedly defaulted on these loans, giving SBI the right to proceed against it for repayment.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Adhunik Metaliks Ltd. (AML). SBI claimed to have granted various loans to AML under a Master Restructuring Agreement dated 30/3/2015, a Supplemental Master Restructuring Agreement dated 26/6/2015, and a Common Loan Agreement dated 21/3/2014. AML allegedly defaulted on these loans. SBI's application was based on a Gazette notification dated 22/2/2017, through which SBI acquired the business, assets, and liabilities of several other banks. The total outstanding exposure with principal, accrued interest, and penal interest was Rs. 8,122,283,769.02 as of 31/5/2017. AML, along with Orissa Manganese & Minerals Ltd. and Zion Steel Ltd., were co-obligors
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State Bank of India acquired the business,…
Date of the Master Restructuring Agreement…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Adhunik Metaliks Ltd., a corporate debtor. SBI, through a Gazette notification dated 22/2/2017, acquired the business, including assets and liabilities, of several other banks. SBI claimed that it had granted various loans to Adhunik Metaliks Ltd. pursuant to a Master Restructuring Agreement dated 30/3/2015, a Supplemental Master Restructuring Agreement dated 26/6/2015, and a Common Loan Agreement dated 21/3/2014. Adhunik Metaliks Ltd. allegedly defaulted on these loans, giving SBI the right to proceed against it for repayment.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Adhunik Metaliks Ltd. (AML). SBI claimed to have granted various loans to AML under a Master Restructuring Agreement dated 30/3/2015, a Supplemental Master Restructuring Agreement dated 26/6/2015, and a Common Loan Agreement dated 21/3/2014. AML allegedly defaulted on these loans. SBI's application was based on a Gazette notification dated 22/2/2017, through which SBI acquired the business, assets, and liabilities of several other banks. The total outstanding exposure with principal, accrued interest, and penal interest was Rs. 8,122,283,769.02 as of 31/5/2017. AML, along with Orissa Manganese & Minerals Ltd. and Zion Steel Ltd., were co-obligors
…State Bank of India acquired the business,…
Date of the Master Restructuring Agreement…