SREI Infrastructure Finance Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Amrit Jal Ventures Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 45,03,86,213/-. The Financial Creditor and Corporate Debtor entered into a Rupee Loan Agreement (RLA) on 19.04.2011, where the Financial Creditor agreed to provide a loan facility of Rs. 80 crores. The Corporate Debtor allegedly defaulted on the repayment. The Corporate Debtor contended that the petition was untenable because the Financial Creditor had already invoked the shares pledged by the Corporate Debtor, and that the Financial Creditor had not disbursed the entire loan amount. The Corporate Debtor also initiated
…SREI Infrastructure Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Amrit Jal Ventures Private Limited (Corporate Debtor) claiming a default of Rs. 45,03,86,213/-. The Financial Creditor and Corporate Debtor entered into a Rupee Loan Agreement (RLA) on 19.04.2011, where the Financial Creditor agreed to provide a loan facility of Rs. 80 crores. Only Rs. 30 crores was disbursed. The RLA was amended on 03.06.2011. The Corporate Debtor pledged shares as security under the RLA. The Corporate Debtor alleges that the Financial Creditor invoked the pledged shares, becoming a shareholder with 44.30% stake, and that the value of the invoked shares (Rs. 161.14 crores) exceeded the outstanding debt. The
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M/s SREI Infras…
M/s Amrit Jal…
SREI Infrastructure Finance Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Amrit Jal Ventures Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 45,03,86,213/-. The Financial Creditor and Corporate Debtor entered into a Rupee Loan Agreement (RLA) on 19.04.2011, where the Financial Creditor agreed to provide a loan facility of Rs. 80 crores. The Corporate Debtor allegedly defaulted on the repayment. The Corporate Debtor contended that the petition was untenable because the Financial Creditor had already invoked the shares pledged by the Corporate Debtor, and that the Financial Creditor had not disbursed the entire loan amount. The Corporate Debtor also initiated
…SREI Infrastructure Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Amrit Jal Ventures Private Limited (Corporate Debtor) claiming a default of Rs. 45,03,86,213/-. The Financial Creditor and Corporate Debtor entered into a Rupee Loan Agreement (RLA) on 19.04.2011, where the Financial Creditor agreed to provide a loan facility of Rs. 80 crores. Only Rs. 30 crores was disbursed. The RLA was amended on 03.06.2011. The Corporate Debtor pledged shares as security under the RLA. The Corporate Debtor alleges that the Financial Creditor invoked the pledged shares, becoming a shareholder with 44.30% stake, and that the value of the invoked shares (Rs. 161.14 crores) exceeded the outstanding debt. The
…M/s SREI Infras…
M/s Amrit Jal…