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 claim is not maintainable under IBC.
The State Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Athena Energy Ventures Private Limited (Corporate Guarantor/Respondent) due to the default of Athena Chhattisgarh Power Limited (Principal Borrower). The Financial Creditor had sanctioned Rs. 3069.68 Crores to the Principal Borrower and disbursed Rs. 2769.19 Crores. The Principal Borrower defaulted, and its account was declared an NPA on 2015-12-21. The Financial Creditor had already filed an application against the Principal Borrower, which was admitted by the NCLT Hyderabad bench on 2019-05-15. The Corporate Debtor argued that the present application is a duplication of the claim and not maintainable under IBC, citing the NCLAT's
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Athena Chhattisgarh Power Limited decided to…
The account of the Principal Borrower was…
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 claim is not maintainable under IBC.
The State Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Athena Energy Ventures Private Limited (Corporate Guarantor/Respondent) due to the default of Athena Chhattisgarh Power Limited (Principal Borrower). The Financial Creditor had sanctioned Rs. 3069.68 Crores to the Principal Borrower and disbursed Rs. 2769.19 Crores. The Principal Borrower defaulted, and its account was declared an NPA on 2015-12-21. The Financial Creditor had already filed an application against the Principal Borrower, which was admitted by the NCLT Hyderabad bench on 2019-05-15. The Corporate Debtor argued that the present application is a duplication of the claim and not maintainable under IBC, citing the NCLAT's
…Athena Chhattisgarh Power Limited decided to…
The account of the Principal Borrower was…