Indian Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Athena Demwe Power Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, an SPV, had approached the bank for financial assistance to set up a power-generating project in the North East. The project faced delays due to various reasons, including litigation, government approvals, and economic slowdown, leading to the Corporate Debtor's failure to regularize its account, which was declared a Non-Performing Asset (NPA).
Indian Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against M/s Athena Demwe Power Ltd., the Corporate Debtor. The Corporate Debtor, an SPV, sought financial assistance from the bank for a power-generating project in the North East. The bank sanctioned a short-term loan of Rs. 200 crores in 2011, followed by a sub-limit of Rs. 100 crores. The repayment schedule was restructured multiple times. The Corporate Debtor failed to regularize the account, leading to its classification as an NPA on 2013-05-31. As of the statement of account, Rs. 333.80 crores was due and payable. The Corporate Debtor cited delays due to litigation, government approvals, and economic slowdown as reasons for the project's stagnation. The Corporate Debtor also argued
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Financial creditor sanctioned and disbursed a…
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Indian Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Athena Demwe Power Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, an SPV, had approached the bank for financial assistance to set up a power-generating project in the North East. The project faced delays due to various reasons, including litigation, government approvals, and economic slowdown, leading to the Corporate Debtor's failure to regularize its account, which was declared a Non-Performing Asset (NPA).
Indian Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against M/s Athena Demwe Power Ltd., the Corporate Debtor. The Corporate Debtor, an SPV, sought financial assistance from the bank for a power-generating project in the North East. The bank sanctioned a short-term loan of Rs. 200 crores in 2011, followed by a sub-limit of Rs. 100 crores. The repayment schedule was restructured multiple times. The Corporate Debtor failed to regularize the account, leading to its classification as an NPA on 2013-05-31. As of the statement of account, Rs. 333.80 crores was due and payable. The Corporate Debtor cited delays due to litigation, government approvals, and economic slowdown as reasons for the project's stagnation. The Corporate Debtor also argued
…Financial creditor sanctioned and disbursed a…
Corporate Debtor's…