State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Enfield Solar Energy Ltd. The Corporate Debtor allegedly failed to repay a principal amount of Rs. 49,36,98,687.80 along with interest, totaling Rs. 81,10,16,834.00, advanced by the Financial Creditor through loans and credit facilities. The Corporate Debtor was granted various loan and credit facilities, including working capital and term loans, which were restructured due to financial constraints. The Financial Creditor contends that despite repeated requests and reminders, the accounts remained irregular, leading to their classification as Non-Performing Assets (NPA) on 28.08.2014, in accordance
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Enfield Solar Energy Ltd., the Corporate Debtor. SBI claimed that Enfield Solar Energy Ltd. defaulted on repayment of principal amounting to Rs. 49,36,98,687.80, with the total outstanding, including interest, reaching Rs. 81,10,16,834.00. The loans and credit facilities were granted to the Corporate Debtor and were later restructured. SBI contended that despite repeated requests, the accounts remained irregular, leading to their classification as Non-Performing Assets (NPA) on 28.08.2014. A demand notice was issued on 18.09.2015. SBI produced various documents,
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Master Restructuring Agreement dated…
Accounts have been categorised as NPA on…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Enfield Solar Energy Ltd. The Corporate Debtor allegedly failed to repay a principal amount of Rs. 49,36,98,687.80 along with interest, totaling Rs. 81,10,16,834.00, advanced by the Financial Creditor through loans and credit facilities. The Corporate Debtor was granted various loan and credit facilities, including working capital and term loans, which were restructured due to financial constraints. The Financial Creditor contends that despite repeated requests and reminders, the accounts remained irregular, leading to their classification as Non-Performing Assets (NPA) on 28.08.2014, in accordance
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Enfield Solar Energy Ltd., the Corporate Debtor. SBI claimed that Enfield Solar Energy Ltd. defaulted on repayment of principal amounting to Rs. 49,36,98,687.80, with the total outstanding, including interest, reaching Rs. 81,10,16,834.00. The loans and credit facilities were granted to the Corporate Debtor and were later restructured. SBI contended that despite repeated requests, the accounts remained irregular, leading to their classification as Non-Performing Assets (NPA) on 28.08.2014. A demand notice was issued on 18.09.2015. SBI produced various documents,
…Master Restructuring Agreement dated…
Accounts have been categorised as NPA on…