IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(b) of the Code. The petition was against Asian Natural Resources (India) Limited, a Public Limited Company incorporated on 13.8.1999. The petitioner sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the respondent due to outstanding debts.
IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Asian Natural Resources (India) Limited. Asian Natural Resources (India) Limited was incorporated on 13.8.1999. IDBI sanctioned working capital limits aggregating to Rs. 50.70 Crores to Asian Natural Resources (India) Limited, comprising fund-based and non-fund-based limits. The company also availed Rs. 43.30 Crores and LER facility. Bhatia Global Trading Ltd. also availed sums aggregating to Rs. 85.00 Crores secured by Corporate Guarantee of the Respondent Company. Despite reminders, the Respondent Company failed to repay the outstanding principal amount of Rs.36,66,03,057.44 and interest and liquidated damages of Rs. 11,90,857. IDBI Bank issued a Demand Notice on
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Asian Natural Resources…
Rs. 85.00 Crores…
IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(b) of the Code. The petition was against Asian Natural Resources (India) Limited, a Public Limited Company incorporated on 13.8.1999. The petitioner sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the respondent due to outstanding debts.
IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Asian Natural Resources (India) Limited. Asian Natural Resources (India) Limited was incorporated on 13.8.1999. IDBI sanctioned working capital limits aggregating to Rs. 50.70 Crores to Asian Natural Resources (India) Limited, comprising fund-based and non-fund-based limits. The company also availed Rs. 43.30 Crores and LER facility. Bhatia Global Trading Ltd. also availed sums aggregating to Rs. 85.00 Crores secured by Corporate Guarantee of the Respondent Company. Despite reminders, the Respondent Company failed to repay the outstanding principal amount of Rs.36,66,03,057.44 and interest and liquidated damages of Rs. 11,90,857. IDBI Bank issued a Demand Notice on
…Asian Natural Resources…
Rs. 85.00 Crores…