The State Bank of India, acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Athena Energy Ventures Private Limited, the Corporate Debtor and Corporate Guarantor for Athena Chhattisgarh Power Limited (Principal Borrower). The Financial Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to defaults committed by the Principal Borrower, for whom the Corporate Debtor had provided a corporate guarantee. The Principal Borrower had availed financial assistance from the Financial Creditor and other banks, with the Corporate Debtor acting as a promoter and joint venture participant. The Principal Borrower's account was declared a Non-Performing Asset
…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 Debtor), seeking to initiate Corporate Insolvency Resolution Process (CIRP). Athena Energy Ventures Private Limited acted as a Corporate Guarantor for Athena Chhattisgarh Power Limited (Principal Borrower). The Principal Borrower had availed financial assistance from the Financial Creditor and other banks. The Financial Creditor sanctioned Rs.3069,68,00,000/- to the Principal Borrower and disbursed Rs.2769,19,05,767/-. The Principal Borrower defaulted, and its account was declared an NPA on 21-12-2015. The Financial Creditor had already filed an application against the Principal Borrower
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The account of the Principal Borrower, Athena…
Hon'ble NCLAT passed a judgment in the…
The State Bank of India, acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Athena Energy Ventures Private Limited, the Corporate Debtor and Corporate Guarantor for Athena Chhattisgarh Power Limited (Principal Borrower). The Financial Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to defaults committed by the Principal Borrower, for whom the Corporate Debtor had provided a corporate guarantee. The Principal Borrower had availed financial assistance from the Financial Creditor and other banks, with the Corporate Debtor acting as a promoter and joint venture participant. The Principal Borrower's account was declared a Non-Performing Asset
…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 Debtor), seeking to initiate Corporate Insolvency Resolution Process (CIRP). Athena Energy Ventures Private Limited acted as a Corporate Guarantor for Athena Chhattisgarh Power Limited (Principal Borrower). The Principal Borrower had availed financial assistance from the Financial Creditor and other banks. The Financial Creditor sanctioned Rs.3069,68,00,000/- to the Principal Borrower and disbursed Rs.2769,19,05,767/-. The Principal Borrower defaulted, and its account was declared an NPA on 21-12-2015. The Financial Creditor had already filed an application against the Principal Borrower
…The account of the Principal Borrower, Athena…
Hon'ble NCLAT passed a judgment in the…