Jindal Steel & Power Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Bharat NRE Coke Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor alleged that the Corporate Debtor defaulted in paying a financial debt of Rs. 94,18,89,786/-, which included the principal sum, accrued interest, and amounts payable towards damages and costs of arbitration proceedings. The Corporate Debtor was the guarantor for Gujarat NRE Coke Ltd., which had entered into a coal purchase agreement with the Financial Creditor. The Financial Creditor had advanced Rs. 39.50 crores to Gujarat NRE Coke Ltd. The Corporate Debtor pledged shares as a guarantee for
…Jindal Steel & Power Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Bharat NRE Coke Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The claim was for Rs. 94,18,89,786/-, including principal, interest, and arbitration costs. The Corporate Debtor was the guarantor for Gujarat NRE Coke Ltd. for a coal purchase agreement with the Financial Creditor. The Financial Creditor advanced Rs. 39.50 crores to Gujarat NRE Coke Ltd. The Corporate Debtor pledged two crore shares as a guarantee. Gujarat NRE Coke Ltd. did not supply the coal. An arbitration award was passed against the Corporate Debtor and Gujarat NRE Coke Ltd. The Corporate Debtor challenged the award
…Sign in to view the parties.
Gujarat NRE Coke Ltd. and Jindal Steel &…
Bharat NRE Coke Limited executed a share…
Jindal Steel & Power Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Bharat NRE Coke Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor alleged that the Corporate Debtor defaulted in paying a financial debt of Rs. 94,18,89,786/-, which included the principal sum, accrued interest, and amounts payable towards damages and costs of arbitration proceedings. The Corporate Debtor was the guarantor for Gujarat NRE Coke Ltd., which had entered into a coal purchase agreement with the Financial Creditor. The Financial Creditor had advanced Rs. 39.50 crores to Gujarat NRE Coke Ltd. The Corporate Debtor pledged shares as a guarantee for
…Jindal Steel & Power Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Bharat NRE Coke Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The claim was for Rs. 94,18,89,786/-, including principal, interest, and arbitration costs. The Corporate Debtor was the guarantor for Gujarat NRE Coke Ltd. for a coal purchase agreement with the Financial Creditor. The Financial Creditor advanced Rs. 39.50 crores to Gujarat NRE Coke Ltd. The Corporate Debtor pledged two crore shares as a guarantee. Gujarat NRE Coke Ltd. did not supply the coal. An arbitration award was passed against the Corporate Debtor and Gujarat NRE Coke Ltd. The Corporate Debtor challenged the award
…Gujarat NRE Coke Ltd. and Jindal Steel &…
Bharat NRE Coke Limited executed a share…