The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by IFCI Limited, the Financial Creditor, against M/s. G.K. Steels And Allied Industries Ltd., the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, along with IDBI and ICICI, had sanctioned term loans to the Corporate Debtor in 1988. The Corporate Debtor defaulted on repayments, leading to the loan account being declared a Non-Performing Asset (NPA) in 1998. Several legal proceedings ensued, including applications before the Debt Recovery Tribunal (DRT) and the Board for Industrial and Financial Reconstruction (BIFR). The Financial Creditor issued a loan recall notice in 1997 and invoked guarantees. The
…IFCI Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s. G.K. Steels And Allied Industries Ltd. (Corporate Debtor). The Financial Creditor, along with IDBI and ICICI, sanctioned a term loan of Rs.695 Lakhs to the Corporate Debtor on 11.03.1988 under the Project Finance Participation Scheme (PFPS). A loan agreement was entered on 11.07.1988. A deed of hypothecation was executed on 11.07.1988. A joint mortgage was executed on 17.09.1989. An additional loan of Rs.148 Lakhs was approved on 25.07.1991. A loan agreement for the second loan was entered on 11.03.1992. A deed of hypothecation was executed on 11.03.1992. A deed of guarantee was executed on 20.03.1992. The Financial Creditor issued a loan
…Sign in to view the parties.
IFCI Limited, along with IDBI and ICICI,…
A loan agreement was…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by IFCI Limited, the Financial Creditor, against M/s. G.K. Steels And Allied Industries Ltd., the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, along with IDBI and ICICI, had sanctioned term loans to the Corporate Debtor in 1988. The Corporate Debtor defaulted on repayments, leading to the loan account being declared a Non-Performing Asset (NPA) in 1998. Several legal proceedings ensued, including applications before the Debt Recovery Tribunal (DRT) and the Board for Industrial and Financial Reconstruction (BIFR). The Financial Creditor issued a loan recall notice in 1997 and invoked guarantees. The
…IFCI Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s. G.K. Steels And Allied Industries Ltd. (Corporate Debtor). The Financial Creditor, along with IDBI and ICICI, sanctioned a term loan of Rs.695 Lakhs to the Corporate Debtor on 11.03.1988 under the Project Finance Participation Scheme (PFPS). A loan agreement was entered on 11.07.1988. A deed of hypothecation was executed on 11.07.1988. A joint mortgage was executed on 17.09.1989. An additional loan of Rs.148 Lakhs was approved on 25.07.1991. A loan agreement for the second loan was entered on 11.03.1992. A deed of hypothecation was executed on 11.03.1992. A deed of guarantee was executed on 20.03.1992. The Financial Creditor issued a loan
…IFCI Limited, along with IDBI and ICICI,…
A loan agreement was…