JM Financial Asset Reconstruction Company Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bheema Cements Limited, the Corporate Debtor, due to outstanding debt. The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, leading to the account being classified as NPA. The Corporate Debtor contested the petition, arguing that the Financial Creditor had not fulfilled its obligations under a Term Sheet, specifically the advancement of Rs. 70 crores for the company's revival. The Financial Creditor argued that the Corporate Debtor failed to provide 10% of the OTS amount for consideration.
JM Financial Asset Reconstruction Company Limited (Financial Creditor) filed a petition against Bheema Cements Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, resulting in an outstanding debt of Rs. 88,65,96,630.95 as of 31.12.2017. The account was classified as NPA on 29.05.2014. The Corporate Debtor argued that the Financial Creditor failed to fulfill its obligations under a Term Sheet dated 21.11.2014, specifically the advancement of Rs. 70 crores for the company's revival. The Corporate Debtor also claimed that any dispute should be settled through arbitration. The Financial Creditor contended that the Term Sheet did not create any binding
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Working capital consortium was formed by…
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JM Financial Asset Reconstruction Company Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bheema Cements Limited, the Corporate Debtor, due to outstanding debt. The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, leading to the account being classified as NPA. The Corporate Debtor contested the petition, arguing that the Financial Creditor had not fulfilled its obligations under a Term Sheet, specifically the advancement of Rs. 70 crores for the company's revival. The Financial Creditor argued that the Corporate Debtor failed to provide 10% of the OTS amount for consideration.
JM Financial Asset Reconstruction Company Limited (Financial Creditor) filed a petition against Bheema Cements Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, resulting in an outstanding debt of Rs. 88,65,96,630.95 as of 31.12.2017. The account was classified as NPA on 29.05.2014. The Corporate Debtor argued that the Financial Creditor failed to fulfill its obligations under a Term Sheet dated 21.11.2014, specifically the advancement of Rs. 70 crores for the company's revival. The Corporate Debtor also claimed that any dispute should be settled through arbitration. The Financial Creditor contended that the Term Sheet did not create any binding
…Working capital consortium was formed by…
The account of Bheema…