Stressed Assets Stabilisation Fund, as assignee of IDBI Bank, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adya Oils and Chemicals Limited (Corporate Debtor) for defaulting on a term loan. IDBI Bank had granted a term loan of ₹7,00,00,000/- to the Corporate Debtor on 22.12.1998. The Corporate Debtor failed to repay the installments of principal and interest. IDBI Bank called upon the Corporate Debtor to repay its outstanding dues vide letter dated 06.11.2003. Subsequently, the Central Government set up Stressed Asset Stabilisation Fund (SASF) to acquire stressed assets of IDBI Bank. IDBI Bank transferred the loan to SASF on 30.09.2004.
IDBI Bank granted a term loan of ₹7,00,00,000/- to Adya Oils and Chemicals Limited (Corporate Debtor) on 22.12.1998. The Corporate Debtor defaulted on repayments. IDBI Bank issued a recall notice on 06.11.2003. The Central Government established Stressed Assets Stabilisation Fund (SASF) via a Trust Deed dated 04.09.2004. IDBI Bank assigned the loan to SASF on 30.09.2004. The outstanding amount as of 01.05.2019 was ₹135,38,74,846/-. The Corporate Debtor did not file a reply to the petition. The petitioner provided documents including the loan agreement, deed of hypothecation, guarantee agreement, pledge of shares agreement, financial statements, and statement of accounts. The Corporate Debtor was served with the petition.
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IDBI Bank granted a…
IDBI Bank issued a…
Stressed Assets Stabilisation Fund, as assignee of IDBI Bank, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adya Oils and Chemicals Limited (Corporate Debtor) for defaulting on a term loan. IDBI Bank had granted a term loan of ₹7,00,00,000/- to the Corporate Debtor on 22.12.1998. The Corporate Debtor failed to repay the installments of principal and interest. IDBI Bank called upon the Corporate Debtor to repay its outstanding dues vide letter dated 06.11.2003. Subsequently, the Central Government set up Stressed Asset Stabilisation Fund (SASF) to acquire stressed assets of IDBI Bank. IDBI Bank transferred the loan to SASF on 30.09.2004.
IDBI Bank granted a term loan of ₹7,00,00,000/- to Adya Oils and Chemicals Limited (Corporate Debtor) on 22.12.1998. The Corporate Debtor defaulted on repayments. IDBI Bank issued a recall notice on 06.11.2003. The Central Government established Stressed Assets Stabilisation Fund (SASF) via a Trust Deed dated 04.09.2004. IDBI Bank assigned the loan to SASF on 30.09.2004. The outstanding amount as of 01.05.2019 was ₹135,38,74,846/-. The Corporate Debtor did not file a reply to the petition. The petitioner provided documents including the loan agreement, deed of hypothecation, guarantee agreement, pledge of shares agreement, financial statements, and statement of accounts. The Corporate Debtor was served with the petition.
IDBI Bank granted a…
IDBI Bank issued a…