The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Athena Energy Ventures Private Limited, the Corporate Guarantor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). This application was filed due to the default committed by Athena Chhattisgarh Power Limited, the Principal Borrower, for whom Athena Energy Ventures Private Limited had provided a corporate guarantee. The Financial Creditor had already initiated CIRP against the Principal Borrower, which was admitted by the NCLT Hyderabad bench. The Corporate Debtor argued that a second application for the same debt is not maintainable under the IBC.
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Athena Energy Ventures Private Limited, the Corporate Debtor, who acted as a Corporate Guarantor for Athena Chhattisgarh Power Limited, the Principal Borrower. The Principal Borrower had availed financial assistance from SBI and other banks, with SBI sanctioning Rs. 3069.68 crores and disbursing Rs. 2769.19 crores. The Principal Borrower defaulted, and its account was declared a Non-Performing Asset (NPA) on December 21, 2015. SBI had already filed an application under Section 7 of the IBC against the Principal Borrower, which was admitted by the NCLT Hyderabad bench on May 15, 2019, and CIRP was in progress. The Corporate
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The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Athena Energy Ventures Private Limited, the Corporate Guarantor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). This application was filed due to the default committed by Athena Chhattisgarh Power Limited, the Principal Borrower, for whom Athena Energy Ventures Private Limited had provided a corporate guarantee. The Financial Creditor had already initiated CIRP against the Principal Borrower, which was admitted by the NCLT Hyderabad bench. The Corporate Debtor argued that a second application for the same debt is not maintainable under the IBC.
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Athena Energy Ventures Private Limited, the Corporate Debtor, who acted as a Corporate Guarantor for Athena Chhattisgarh Power Limited, the Principal Borrower. The Principal Borrower had availed financial assistance from SBI and other banks, with SBI sanctioning Rs. 3069.68 crores and disbursing Rs. 2769.19 crores. The Principal Borrower defaulted, and its account was declared a Non-Performing Asset (NPA) on December 21, 2015. SBI had already filed an application under Section 7 of the IBC against the Principal Borrower, which was admitted by the NCLT Hyderabad bench on May 15, 2019, and CIRP was in progress. The Corporate
…Athena Chhattisgarh Power Limited decided to…
The account of the Principal Borrower was…