IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Cyclo Transmissions Limited, the Corporate Debtor, due to default in repayment of a loan amounting to Rs. 15,09,66,064/-. The petitioner had sanctioned fund-based and non-fund-based facilities to the Corporate Debtor, which were subsequently restructured and enhanced over time. The Corporate Debtor failed to meet its repayment obligations, leading to the petitioner recalling the loan and initiating CIRP.
IDBI Bank Limited sanctioned fund-based and non-fund-based facilities to Cyclo Transmissions Limited. Initially, a fund-based limit of Rs. 2.5 crores and a non-fund-based limit of Rs. 1 crore were sanctioned on 2006-12-20, totaling Rs. 3.50 crores. The non-fund-based facility was later converted into a fund-based facility on 2007-03-20, bringing the total fund-based limit to Rs. 3.50 crores. On 2008-02-12, the fund-based limit was enhanced to Rs. 6 crores upon the Corporate Debtor's application. On 2009-04-11, the limits were renewed and restructured, revising the cash credit limit to Rs. 3.5 crores, a fresh working capital limit of Rs. 2.5 crores, and a short-term loan of Rs. 0.5 crores. The Corporate Debtor defaulted in repayment, leading IDBI Bank to issue a recall
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IDBI Bank sanctioned fund-based limit of Rs. 2.5…
Non-fund-based facility…
IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Cyclo Transmissions Limited, the Corporate Debtor, due to default in repayment of a loan amounting to Rs. 15,09,66,064/-. The petitioner had sanctioned fund-based and non-fund-based facilities to the Corporate Debtor, which were subsequently restructured and enhanced over time. The Corporate Debtor failed to meet its repayment obligations, leading to the petitioner recalling the loan and initiating CIRP.
IDBI Bank Limited sanctioned fund-based and non-fund-based facilities to Cyclo Transmissions Limited. Initially, a fund-based limit of Rs. 2.5 crores and a non-fund-based limit of Rs. 1 crore were sanctioned on 2006-12-20, totaling Rs. 3.50 crores. The non-fund-based facility was later converted into a fund-based facility on 2007-03-20, bringing the total fund-based limit to Rs. 3.50 crores. On 2008-02-12, the fund-based limit was enhanced to Rs. 6 crores upon the Corporate Debtor's application. On 2009-04-11, the limits were renewed and restructured, revising the cash credit limit to Rs. 3.5 crores, a fresh working capital limit of Rs. 2.5 crores, and a short-term loan of Rs. 0.5 crores. The Corporate Debtor defaulted in repayment, leading IDBI Bank to issue a recall
…IDBI Bank sanctioned fund-based limit of Rs. 2.5…
Non-fund-based facility…