Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Amrapali Infrastructure Private Limited, citing defaults on term loan, cash credit facility, and letter of credit. The financial creditor, Bank of Baroda, claimed that Amrapali Infrastructure Private Limited defaulted on payments, leading to a substantial outstanding amount. The corporate debtor opposed the admission, arguing that the demand was arbitrary, the applicant was part of a consortium, and the application was incomplete. The corporate debtor also raised objections regarding the power of attorney of Ms. Archana Mishra and discrepancies in the default amount.
Bank of Baroda, the 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to trigger the Corporate Insolvency Resolution Process against Amrapali Infrastructure Private Limited, the 'Corporate Debtor'. The Corporate Debtor defaulted on a term loan, cash credit facility, and letter of credit. The term loan facility was for Rs. 53,75,00,000, with the financial creditor contributing Rs. 53,09,00,000. The principal amount in default for the term loan as of 30.04.2017 was Rs. 44,59,00,000, with overdue and penal interest aggregating to Rs. 7,18,50,626. The Corporate Debtor defaulted on the term loan on 31.07.2016. A working capital agreement was also in place, with a cash credit facility of Rs. 17,50,00,000 and a letter of
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Bank of Baro…
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Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Amrapali Infrastructure Private Limited, citing defaults on term loan, cash credit facility, and letter of credit. The financial creditor, Bank of Baroda, claimed that Amrapali Infrastructure Private Limited defaulted on payments, leading to a substantial outstanding amount. The corporate debtor opposed the admission, arguing that the demand was arbitrary, the applicant was part of a consortium, and the application was incomplete. The corporate debtor also raised objections regarding the power of attorney of Ms. Archana Mishra and discrepancies in the default amount.
Bank of Baroda, the 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to trigger the Corporate Insolvency Resolution Process against Amrapali Infrastructure Private Limited, the 'Corporate Debtor'. The Corporate Debtor defaulted on a term loan, cash credit facility, and letter of credit. The term loan facility was for Rs. 53,75,00,000, with the financial creditor contributing Rs. 53,09,00,000. The principal amount in default for the term loan as of 30.04.2017 was Rs. 44,59,00,000, with overdue and penal interest aggregating to Rs. 7,18,50,626. The Corporate Debtor defaulted on the term loan on 31.07.2016. A working capital agreement was also in place, with a cash credit facility of Rs. 17,50,00,000 and a letter of
…Bank of Baro…
Amrapali Infras…