IDFC First Bank Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Ashapura Intimates Fashion Limited for initiating Corporate Insolvency Resolution Process (CIRP). The petition, CP 4488/2018, claims a total default of Rs.40,13,35,178/- as of 20.11.2018. The petitioner had sanctioned a loan of Rs.40,00,00,000/- to the corporate debtor under a Master Facility Agreement dated 11.06.2018. The corporate debtor was required to create security in favor of the petitioner, including a first paripassu charge on current assets, plant, and machinery, and a registered mortgage over specific properties. The corporate debtor also issued a letter to State Bank of India to cede pari-passu charge in favor of the financial creditor.
IDFC First Bank Limited (Financial Creditor) filed a petition against Ashapura Intimates Fashion Limited (Corporate Debtor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim is based on a default of Rs.40,13,35,178/- as of 20.11.2018. The Financial Creditor had sanctioned a loan of Rs.40,00,00,000/- to the Corporate Debtor under a Master Facility Agreement dated 11.06.2018. The Corporate Debtor was obligated to create security for the loan, including a first paripassu charge on assets and a registered mortgage on specific properties. The Corporate Debtor failed to create the required security within the stipulated 120-day period, except for personal guarantees from directors and
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Master Facility Agreement dated 11.06.2018…
Total defau…
IDFC First Bank Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Ashapura Intimates Fashion Limited for initiating Corporate Insolvency Resolution Process (CIRP). The petition, CP 4488/2018, claims a total default of Rs.40,13,35,178/- as of 20.11.2018. The petitioner had sanctioned a loan of Rs.40,00,00,000/- to the corporate debtor under a Master Facility Agreement dated 11.06.2018. The corporate debtor was required to create security in favor of the petitioner, including a first paripassu charge on current assets, plant, and machinery, and a registered mortgage over specific properties. The corporate debtor also issued a letter to State Bank of India to cede pari-passu charge in favor of the financial creditor.
IDFC First Bank Limited (Financial Creditor) filed a petition against Ashapura Intimates Fashion Limited (Corporate Debtor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim is based on a default of Rs.40,13,35,178/- as of 20.11.2018. The Financial Creditor had sanctioned a loan of Rs.40,00,00,000/- to the Corporate Debtor under a Master Facility Agreement dated 11.06.2018. The Corporate Debtor was obligated to create security for the loan, including a first paripassu charge on assets and a registered mortgage on specific properties. The Corporate Debtor failed to create the required security within the stipulated 120-day period, except for personal guarantees from directors and
…Master Facility Agreement dated 11.06.2018…
Total defau…