ASREC (India) Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Cane Agro Energy (India) Limited, claiming a default of Rs. 38,87,53,376/-. The Corporate Debtor had availed loan facilities from Dombivli Nagari Sahakari Bank Limited (DNSB), which were later assigned to ASREC. The Corporate Debtor defaulted on payments, leading to the declaration of the loan accounts as NPA. The Corporate Debtor admitted to the debt but requested time to clear the dues, citing financial constraints and the impact of COVID-19 on the sugar industry. The NCLT admitted the petition, finding that all ingredients of Section 7 of the IBC were satisfied.
ASREC (India) Limited, a Securitization and Asset Reconstruction Company, filed a petition against Cane Agro Energy (India) Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The total amount claimed to be in default is Rs. 38,87,53,376/-, including interest of Rs. 8,15,08,241/-. The default dates for the Term Loan Facility and Cash Credit Facility are 30.10.2018 and 30.09.2018, respectively. Cane Agro Energy (India) Limited had initially obtained loan facilities from Dombivli Nagari Sahakari Bank Limited (DNSB), amounting to Rs. 13,22,29,000/- in 2014. DNSB and the Corporate Debtor executed various loan documents, including a Deed of Mortgage dated 23.07.2014. DNSB later assigned the term loan and cash credit facilities to ASREC via Assignment
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Deed of Mortgage executed between DNSB and…
Date of default…
ASREC (India) Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Cane Agro Energy (India) Limited, claiming a default of Rs. 38,87,53,376/-. The Corporate Debtor had availed loan facilities from Dombivli Nagari Sahakari Bank Limited (DNSB), which were later assigned to ASREC. The Corporate Debtor defaulted on payments, leading to the declaration of the loan accounts as NPA. The Corporate Debtor admitted to the debt but requested time to clear the dues, citing financial constraints and the impact of COVID-19 on the sugar industry. The NCLT admitted the petition, finding that all ingredients of Section 7 of the IBC were satisfied.
ASREC (India) Limited, a Securitization and Asset Reconstruction Company, filed a petition against Cane Agro Energy (India) Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The total amount claimed to be in default is Rs. 38,87,53,376/-, including interest of Rs. 8,15,08,241/-. The default dates for the Term Loan Facility and Cash Credit Facility are 30.10.2018 and 30.09.2018, respectively. Cane Agro Energy (India) Limited had initially obtained loan facilities from Dombivli Nagari Sahakari Bank Limited (DNSB), amounting to Rs. 13,22,29,000/- in 2014. DNSB and the Corporate Debtor executed various loan documents, including a Deed of Mortgage dated 23.07.2014. DNSB later assigned the term loan and cash credit facilities to ASREC via Assignment
…Deed of Mortgage executed between DNSB and…
Date of default…