AU Small Finance Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Coral Infragold Private Limited, claiming to be a financial creditor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan amount. The Respondent, Coral Infragold Private Limited, along with its directors as co-borrowers, had availed a revolving term loan facility of Rs. 4,25,00,000/- from the Applicant. The loan was secured by a Loan Agreement dated 08.06.2016, with a repayment schedule including a moratorium period. The Applicant claims that the Respondent defaulted in repayment, leading to the classification of the loan account as NPA. The Respondent contested the
…AU Small Finance Bank Limited (the Applicant), claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Coral Infragold Private Limited (the Respondent/Corporate Debtor), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Respondent, along with its directors as co-borrowers, had availed a revolving term loan facility of Rs. 4,25,00,000/- vide Sanction Letter dated 27.05.2016. A Loan Agreement was executed on 08.06.2016 to secure the Term Loan, which was to be repaid within 42 months, including a moratorium on principal repayment for an initial period of 18 months, expiring on 05.12.2017. The moratorium was extended for 12 months via email dated 29.11.2017. The Respondent
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Sanction letter for the…
A sum of Rs. 3,65,88,396…
AU Small Finance Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Coral Infragold Private Limited, claiming to be a financial creditor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan amount. The Respondent, Coral Infragold Private Limited, along with its directors as co-borrowers, had availed a revolving term loan facility of Rs. 4,25,00,000/- from the Applicant. The loan was secured by a Loan Agreement dated 08.06.2016, with a repayment schedule including a moratorium period. The Applicant claims that the Respondent defaulted in repayment, leading to the classification of the loan account as NPA. The Respondent contested the
…AU Small Finance Bank Limited (the Applicant), claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Coral Infragold Private Limited (the Respondent/Corporate Debtor), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Respondent, along with its directors as co-borrowers, had availed a revolving term loan facility of Rs. 4,25,00,000/- vide Sanction Letter dated 27.05.2016. A Loan Agreement was executed on 08.06.2016 to secure the Term Loan, which was to be repaid within 42 months, including a moratorium on principal repayment for an initial period of 18 months, expiring on 05.12.2017. The moratorium was extended for 12 months via email dated 29.11.2017. The Respondent
…Sanction letter for the…
A sum of Rs. 3,65,88,396…