The case involves two separate insolvency petitions filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The first petition, No.IB-190(PB)/2017, was filed by Union Bank of India against Era Infra Engineering Limited, claiming to be a financial creditor. The second petition, No.IB-110(PB)/2017, was filed by Alchemist Asset Reconstruction Company Limited against Tirupati Buildings & Offices Pvt. Ltd. Both cases involve the issue of whether the insolvency process can be initiated when winding-up petitions are already pending against the corporate debtors in the High Court. The Corporate Debtor, Era Infra Engineering, is an EPC contractor that has been availing credit from the Financial Creditor since 1990. In 2012, a working capital term loan of Rs. 100
…Union Bank of India filed an insolvency petition against Era Infra Engineering Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor. Era Infra Engineering Limited is an EPC contractor that has been availing credit from Union Bank of India since 1990. In 2012, a working capital term loan of Rs. 100 crores was sanctioned. The total amount sanctioned to the Corporate Debtor on several dates is Rs. 1506.33 crores, and the amount claimed to be in default is Rs. 681.04 crores, along with an External Commercial Borrowing of USD 11,971,939.12 as of 31.05.2017. Several company petitions seeking the winding up of Era Infra Engineering Limited are pending before the Hon'ble High Court of Delhi. Alchemist Asset Reconstruction
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The case involves two separate insolvency petitions filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The first petition, No.IB-190(PB)/2017, was filed by Union Bank of India against Era Infra Engineering Limited, claiming to be a financial creditor. The second petition, No.IB-110(PB)/2017, was filed by Alchemist Asset Reconstruction Company Limited against Tirupati Buildings & Offices Pvt. Ltd. Both cases involve the issue of whether the insolvency process can be initiated when winding-up petitions are already pending against the corporate debtors in the High Court. The Corporate Debtor, Era Infra Engineering, is an EPC contractor that has been availing credit from the Financial Creditor since 1990. In 2012, a working capital term loan of Rs. 100
…Union Bank of India filed an insolvency petition against Era Infra Engineering Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor. Era Infra Engineering Limited is an EPC contractor that has been availing credit from Union Bank of India since 1990. In 2012, a working capital term loan of Rs. 100 crores was sanctioned. The total amount sanctioned to the Corporate Debtor on several dates is Rs. 1506.33 crores, and the amount claimed to be in default is Rs. 681.04 crores, along with an External Commercial Borrowing of USD 11,971,939.12 as of 31.05.2017. Several company petitions seeking the winding up of Era Infra Engineering Limited are pending before the Hon'ble High Court of Delhi. Alchemist Asset Reconstruction
…Working Capital Term…
Era Infra Engineering…