State Bank of India filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Electroworld Digital Solutions Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The grounds for the petition were based on the Corporate Debtor's default in making payment of ₹456.90 crores as of December 31, 2017, under the Rupee Term Loan Agreements (RTL). The petitioner argued that the Corporate Debtor was jointly and severally liable as Obligor/Co-obligor with 12 other Videocon group companies to repay the loan granted under RTL. The petitioner also submitted that several banks, including State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner and Jaipur, and State
…State Bank of India (SBI), the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Electroworld Digital Solutions Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's default in payment of ₹456.90 crores as of December 31, 2017, under the Rupee Term Loan Agreements (RTL). The Corporate Debtor was allegedly jointly and severally liable as Obligor/Co-obligor with 12 other Videocon group companies. The RTL agreement was dated August 8, 2012. Several banks, including State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Bikaner and Jaipur (SBBJ), and State Bank of Punjab (SBP),
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The Rupee Term Loan (RTL) Agreement was dated…
Gazette Notification dated 22nd February…
State Bank of India filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Electroworld Digital Solutions Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The grounds for the petition were based on the Corporate Debtor's default in making payment of ₹456.90 crores as of December 31, 2017, under the Rupee Term Loan Agreements (RTL). The petitioner argued that the Corporate Debtor was jointly and severally liable as Obligor/Co-obligor with 12 other Videocon group companies to repay the loan granted under RTL. The petitioner also submitted that several banks, including State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner and Jaipur, and State
…State Bank of India (SBI), the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Electroworld Digital Solutions Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's default in payment of ₹456.90 crores as of December 31, 2017, under the Rupee Term Loan Agreements (RTL). The Corporate Debtor was allegedly jointly and severally liable as Obligor/Co-obligor with 12 other Videocon group companies. The RTL agreement was dated August 8, 2012. Several banks, including State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Bikaner and Jaipur (SBBJ), and State Bank of Punjab (SBP),
…The Rupee Term Loan (RTL) Agreement was dated…
Gazette Notification dated 22nd February…