The case involves an application filed by financial creditors under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Coastal Oil & Gas Infrastructure Private Limited (Corporate Debtor) for defaulting on a financial debt. The Corporate Debtor entered into a Terminal Service Agreement (TSA) with Nagarjuna Oil Corporation Limited (NOCL) to develop a storage facility for a proposed refinery project. The Corporate Debtor obtained financial assistance from a consortium of banks, including the Petitioners (Bank of India and Central Bank of India). The refinery project by NOCL did not materialize, leading to the Corporate Debtor's inability to repay the loans.
Coastal Oil & Gas Infrastructure Private Limited (Corporate Debtor) entered into a Terminal Service Agreement (TSA) with Nagarjuna Oil Corporation Limited (NOCL) to develop a storage facility for a proposed refinery project. To finance this project, the Corporate Debtor obtained credit facilities from a consortium of lenders, including Bank of India and Central Bank of India (Petitioners). Bank of India sanctioned a loan of Rs. 198 Crs, and Central Bank of India sanctioned Rs. 98.85 Crs. The loans were secured through loan agreements and mortgage deeds. The Corporate Debtor defaulted on repayments starting from 16.03.2015, leading to outstanding amounts of Rs. 251,20,90,427/- and Rs. 119,11,78,336/- respectively. The Petitioners filed a petition under Section 7 of
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Coastal Oil & Gas…
Respondent entered into a Terminal Service…
The case involves an application filed by financial creditors under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Coastal Oil & Gas Infrastructure Private Limited (Corporate Debtor) for defaulting on a financial debt. The Corporate Debtor entered into a Terminal Service Agreement (TSA) with Nagarjuna Oil Corporation Limited (NOCL) to develop a storage facility for a proposed refinery project. The Corporate Debtor obtained financial assistance from a consortium of banks, including the Petitioners (Bank of India and Central Bank of India). The refinery project by NOCL did not materialize, leading to the Corporate Debtor's inability to repay the loans.
Coastal Oil & Gas Infrastructure Private Limited (Corporate Debtor) entered into a Terminal Service Agreement (TSA) with Nagarjuna Oil Corporation Limited (NOCL) to develop a storage facility for a proposed refinery project. To finance this project, the Corporate Debtor obtained credit facilities from a consortium of lenders, including Bank of India and Central Bank of India (Petitioners). Bank of India sanctioned a loan of Rs. 198 Crs, and Central Bank of India sanctioned Rs. 98.85 Crs. The loans were secured through loan agreements and mortgage deeds. The Corporate Debtor defaulted on repayments starting from 16.03.2015, leading to outstanding amounts of Rs. 251,20,90,427/- and Rs. 119,11,78,336/- respectively. The Petitioners filed a petition under Section 7 of
…Coastal Oil & Gas…
Respondent entered into a Terminal Service…