SREI Infrastructure Finance Limited, the financial creditor, filed an application under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Confident Solar Private Ltd., the corporate debtor. The application was filed due to the corporate debtor's default in repaying a loan. SREI Infrastructure Finance Limited had granted a total financial assistance of Rs. 650 crores to Confident Solar Private Limited, which was divided into three loan agreements. While two loans were fully repaid, a portion of the third loan remained unpaid, leading to the application for initiating a corporate insolvency resolution process.
SREI Infrastructure Finance Limited granted a total financial assistance of Rs. 650 crores to Confident Solar Private Limited ('CSPL') vide sanction letter dated December 21, 2013. This amount was divided into three loan agreements: SRE 410 for Rs. 2,90,00,00,000/-, SRE 455 for Rs. 1,35,00,00,000/-, and SRE 469 for Rs. 2,25,00,00,000/-. The first two loans (Rs. 2,90,00,00,000/- and Rs. 1,35,00,00,000/-) were fully repaid by CSPL. However, a part of Loan III (Rs. 2,25,00,00,000/-) remained due to the extent of Rs. 17,69,37,845/- on account of interest. The outstanding amount of Rs. 17,69,37,845/- was due/defaulted as of June 30, 2017. Confident Solar Private Limited committed default in making payment on June 30, 2017, and continued to default thereafter. SREI
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SREI Infrastructure Finance Limited granted…
Agreement of Loan III,…
SREI Infrastructure Finance Limited, the financial creditor, filed an application under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Confident Solar Private Ltd., the corporate debtor. The application was filed due to the corporate debtor's default in repaying a loan. SREI Infrastructure Finance Limited had granted a total financial assistance of Rs. 650 crores to Confident Solar Private Limited, which was divided into three loan agreements. While two loans were fully repaid, a portion of the third loan remained unpaid, leading to the application for initiating a corporate insolvency resolution process.
SREI Infrastructure Finance Limited granted a total financial assistance of Rs. 650 crores to Confident Solar Private Limited ('CSPL') vide sanction letter dated December 21, 2013. This amount was divided into three loan agreements: SRE 410 for Rs. 2,90,00,00,000/-, SRE 455 for Rs. 1,35,00,00,000/-, and SRE 469 for Rs. 2,25,00,00,000/-. The first two loans (Rs. 2,90,00,00,000/- and Rs. 1,35,00,00,000/-) were fully repaid by CSPL. However, a part of Loan III (Rs. 2,25,00,00,000/-) remained due to the extent of Rs. 17,69,37,845/- on account of interest. The outstanding amount of Rs. 17,69,37,845/- was due/defaulted as of June 30, 2017. Confident Solar Private Limited committed default in making payment on June 30, 2017, and continued to default thereafter. SREI
…SREI Infrastructure Finance Limited granted…
Agreement of Loan III,…