Axis Bank Limited filed a petition against Alok Infrastructure Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's default in making payment of Rs. 100,32,11,439/- as of 03.06.2018, including interest, with the date of default being 30.06.2016. The petitioner had sanctioned a Line of Credit Loan in the form of Overdraft Facility to the extent of Rs. 80 crores on 26.06.2015, with subsequent modifications to the terms and conditions. A line of credit agreement was entered into on 2nd July, 2015.
Axis Bank Limited sanctioned a Line of Credit Loan in the form of Overdraft Facility to Alok Infrastructure Limited to the extent of Rs. 80 crores on 2015-06-26. Modifications were made to the terms and conditions of the overdraft facilities via sanction letters dated 2015-07-01 and 2015-07-06. A line of credit agreement was entered into on 2015-07-02. The Corporate Debtor defaulted in making payment of a sum of Rs. 100,32,11,439/- as on 2018-06-03, including interest, with the date of default being 2016-06-30. The Petitioner issued a notice dated 2018-02-02 demanding a sum of Rs.97,28,22,336/- including interest. State Bank of India had filed a petition against Alok Industries Ltd., the holding company of the Corporate Debtor, which was admitted by NCLT, Ahmedabad on
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Axis Bank Limited sanctioned a Line of Credit…
Certain modifications were made to the terms…
Axis Bank Limited filed a petition against Alok Infrastructure Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's default in making payment of Rs. 100,32,11,439/- as of 03.06.2018, including interest, with the date of default being 30.06.2016. The petitioner had sanctioned a Line of Credit Loan in the form of Overdraft Facility to the extent of Rs. 80 crores on 26.06.2015, with subsequent modifications to the terms and conditions. A line of credit agreement was entered into on 2nd July, 2015.
Axis Bank Limited sanctioned a Line of Credit Loan in the form of Overdraft Facility to Alok Infrastructure Limited to the extent of Rs. 80 crores on 2015-06-26. Modifications were made to the terms and conditions of the overdraft facilities via sanction letters dated 2015-07-01 and 2015-07-06. A line of credit agreement was entered into on 2015-07-02. The Corporate Debtor defaulted in making payment of a sum of Rs. 100,32,11,439/- as on 2018-06-03, including interest, with the date of default being 2016-06-30. The Petitioner issued a notice dated 2018-02-02 demanding a sum of Rs.97,28,22,336/- including interest. State Bank of India had filed a petition against Alok Industries Ltd., the holding company of the Corporate Debtor, which was admitted by NCLT, Ahmedabad on
…Axis Bank Limited sanctioned a Line of Credit…
Certain modifications were made to the terms…