The case involves two applications, IBA/1045/2019 and IBA/1169/2019, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. These applications were filed by Canara Bank and State Bank of India, respectively, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Easun Reyrolle Limited, the Corporate Debtor. Both applications relate to the same Corporate Debtor and are therefore disposed of through a common order. Canara Bank's claim in IBA/1045/2019 is Rs. 59,31,10,589.42 with interest until 18.07.2019, arising from an overdraft cash credit facility. State Bank of India's claim in IBA/1169/2019 is Rs. 204,89,03,878.20 as of
…Canara Bank (IBA/1045/2019) claimed Rs. 59,31,10,589.42 with interest until 18.07.2019 from Easun Reyrolle Limited (Corporate Debtor) due to default on an overdraft cash credit facility. The Corporate Debtor, engaged in power management products, approached Canara Bank for a Rs. 30.00 Crore overdraft facility, which was sanctioned in 2013. The Corporate Debtor executed a demand promissory note and a hypothecation agreement as security. The facility was renewed in 2014. The Corporate Debtor became irregular in repayments, leading to a legal notice in 2018 and classification as NPA on 29.09.2017. State Bank of India (IBA/1169/2019) claimed Rs. 204,89,03,878.20 as of 31.08.2019 from the same Corporate Debtor, stemming from fund-based and non-fund-based credit facilities.
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Canara Bank sanctioned an Over Draft Cash…
Easun Reyrolle Limited executed a Demand…
The case involves two applications, IBA/1045/2019 and IBA/1169/2019, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. These applications were filed by Canara Bank and State Bank of India, respectively, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Easun Reyrolle Limited, the Corporate Debtor. Both applications relate to the same Corporate Debtor and are therefore disposed of through a common order. Canara Bank's claim in IBA/1045/2019 is Rs. 59,31,10,589.42 with interest until 18.07.2019, arising from an overdraft cash credit facility. State Bank of India's claim in IBA/1169/2019 is Rs. 204,89,03,878.20 as of
…Canara Bank (IBA/1045/2019) claimed Rs. 59,31,10,589.42 with interest until 18.07.2019 from Easun Reyrolle Limited (Corporate Debtor) due to default on an overdraft cash credit facility. The Corporate Debtor, engaged in power management products, approached Canara Bank for a Rs. 30.00 Crore overdraft facility, which was sanctioned in 2013. The Corporate Debtor executed a demand promissory note and a hypothecation agreement as security. The facility was renewed in 2014. The Corporate Debtor became irregular in repayments, leading to a legal notice in 2018 and classification as NPA on 29.09.2017. State Bank of India (IBA/1169/2019) claimed Rs. 204,89,03,878.20 as of 31.08.2019 from the same Corporate Debtor, stemming from fund-based and non-fund-based credit facilities.
…Canara Bank sanctioned an Over Draft Cash…
Easun Reyrolle Limited executed a Demand…