DBS Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process against Edu Smart Services Private Limited, the 'Corporate Debtor', due to its inability to pay debts. DBS Bank, incorporated in Singapore, claimed to be a 'Financial Creditor'. The Corporate Debtor was incorporated in Delhi. The bank sanctioned a term loan of Rs. 500 million on 12.10.2011, disbursed on 19.10.2011, and further credit facilities of Rs. 175 million on 18.07.2013. The default occurred on 21.07.2015, and as of 01.05.2017, the total amount due was Rs. 13,96,01,507.78/-. The Financial Creditor disclosed a charge in its favor registered with the RoC, secured by receivables worth Rs. 750 million from
…DBS Bank Limited, the 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against Edu Smart Services Private Limited, the 'Corporate Debtor'. The Corporate Debtor was unable to pay its debts. The bank sanctioned a term loan of Rs. 500 million on 12.10.2011, disbursed on 19.10.2011, and further credit facilities of Rs. 175 million on 18.07.2013. The default occurred on 21.07.2015, and as of 01.05.2017, the total amount due was Rs. 13,96,01,507.78/-. The Financial Creditor had a charge in its favor registered with the RoC, secured by receivables worth Rs. 750 million from designated schools. The Corporate Debtor, in its reply to the loan recall notice dated 04.05.2017,
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Term loan of…
Term loan of…
DBS Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process against Edu Smart Services Private Limited, the 'Corporate Debtor', due to its inability to pay debts. DBS Bank, incorporated in Singapore, claimed to be a 'Financial Creditor'. The Corporate Debtor was incorporated in Delhi. The bank sanctioned a term loan of Rs. 500 million on 12.10.2011, disbursed on 19.10.2011, and further credit facilities of Rs. 175 million on 18.07.2013. The default occurred on 21.07.2015, and as of 01.05.2017, the total amount due was Rs. 13,96,01,507.78/-. The Financial Creditor disclosed a charge in its favor registered with the RoC, secured by receivables worth Rs. 750 million from
…DBS Bank Limited, the 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against Edu Smart Services Private Limited, the 'Corporate Debtor'. The Corporate Debtor was unable to pay its debts. The bank sanctioned a term loan of Rs. 500 million on 12.10.2011, disbursed on 19.10.2011, and further credit facilities of Rs. 175 million on 18.07.2013. The default occurred on 21.07.2015, and as of 01.05.2017, the total amount due was Rs. 13,96,01,507.78/-. The Financial Creditor had a charge in its favor registered with the RoC, secured by receivables worth Rs. 750 million from designated schools. The Corporate Debtor, in its reply to the loan recall notice dated 04.05.2017,
…Term loan of…
Term loan of…