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, who acted as a corporate guarantor for Athena Chhattisgarh Power Limited, the 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. The Principal Borrower had availed financial assistance from the Financial Creditor and other banks, with the Corporate Debtor providing a corporate guarantee. The Financial Creditor had already initiated CIRP against the Principal Borrower, which was admitted by the NCLT.
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), who acted as a corporate guarantor for Athena Chhattisgarh Power Limited (Principal Borrower). The Principal Borrower sought financial assistance from the Financial Creditor and other banks in 2011. 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 NPA on 2015-12-21. The Financial Creditor had already filed an application under Section 7 against the Principal Borrower, which was admitted on 2019-05-15. The Corporate Debtor argued that the present
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Athena Chhattisgarh Power Limited sought…
The account of the Principal Borrower was…
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, who acted as a corporate guarantor for Athena Chhattisgarh Power Limited, the 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. The Principal Borrower had availed financial assistance from the Financial Creditor and other banks, with the Corporate Debtor providing a corporate guarantee. The Financial Creditor had already initiated CIRP against the Principal Borrower, which was admitted by the NCLT.
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), who acted as a corporate guarantor for Athena Chhattisgarh Power Limited (Principal Borrower). The Principal Borrower sought financial assistance from the Financial Creditor and other banks in 2011. 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 NPA on 2015-12-21. The Financial Creditor had already filed an application under Section 7 against the Principal Borrower, which was admitted on 2019-05-15. The Corporate Debtor argued that the present
…Athena Chhattisgarh Power Limited sought…
The account of the Principal Borrower was…