Tata Capital Financial Services Limited, a non-banking financial company, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Baldeo Metals Private Limited, the Corporate Debtor, due to its inability to liquidate its financial debt. The Corporate Debtor is in the business of sale and purchase of metals, specifically copper. The Corporate Debtor applied for a channel finance loan of INR 4,50,00,000/-. The Applicant issued a Sanction Letter sanctioning the channel finance facility. The Corporate Debtor executed a power of attorney in favor of the Applicant to enforce its rights in the event of default. The Corporate Debtor also executed a letter of undertaking cum
…Tata Capital Financial Services Limited (Applicant), a non-banking financial company, extended a channel finance facility to Baldeo Metals Private Limited (Corporate Debtor). The Corporate Debtor applied for a loan of INR 4,50,00,000/- on 2018-02-06. The Applicant sanctioned the loan on 2018-02-22. A Channel Financing Agreement was executed on 2018-03-06. The Corporate Debtor also executed a power of attorney and a deed of hypothecation in favor of the Applicant. Vedanta Limited assured the Applicant of the Corporate Debtor's sound condition. The facility was modified on 2018-07-06 to include raw material purchases from Vedanta Limited and Hindalco Industries Limited. The Applicant disbursed funds to the Corporate Debtor. The Corporate Debtor defaulted on payments,
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The Corporate debtor…
The Applicant issued a Sanction Letter…
Tata Capital Financial Services Limited, a non-banking financial company, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Baldeo Metals Private Limited, the Corporate Debtor, due to its inability to liquidate its financial debt. The Corporate Debtor is in the business of sale and purchase of metals, specifically copper. The Corporate Debtor applied for a channel finance loan of INR 4,50,00,000/-. The Applicant issued a Sanction Letter sanctioning the channel finance facility. The Corporate Debtor executed a power of attorney in favor of the Applicant to enforce its rights in the event of default. The Corporate Debtor also executed a letter of undertaking cum
…Tata Capital Financial Services Limited (Applicant), a non-banking financial company, extended a channel finance facility to Baldeo Metals Private Limited (Corporate Debtor). The Corporate Debtor applied for a loan of INR 4,50,00,000/- on 2018-02-06. The Applicant sanctioned the loan on 2018-02-22. A Channel Financing Agreement was executed on 2018-03-06. The Corporate Debtor also executed a power of attorney and a deed of hypothecation in favor of the Applicant. Vedanta Limited assured the Applicant of the Corporate Debtor's sound condition. The facility was modified on 2018-07-06 to include raw material purchases from Vedanta Limited and Hindalco Industries Limited. The Applicant disbursed funds to the Corporate Debtor. The Corporate Debtor defaulted on payments,
…The Corporate debtor…
The Applicant issued a Sanction Letter…