The case involves an application filed by IFCI Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. G.K. Steel and Allied Industries Ltd. IFCI, along with IDBI and ICICI, had sanctioned term loans to G.K. Steel. The Corporate Debtor defaulted on repayments, leading to the loan account being declared a Non-Performing Asset (NPA). Several attempts at settlement, including One Time Settlement (OTS) offers, were made but failed. Prior to the IBC application, the Corporate Debtor was also subject to proceedings before the Board for Industrial and Financial Reconstruction (BIFR) and the Debt Recovery Tribunal (DRT).
IFCI Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. G.K. Steel and Allied Industries Ltd. (Corporate Debtor). IFCI, along with IDBI and ICICI, had sanctioned term loans to the Corporate Debtor amounting to Rs.695 Lakhs in 1988. The Corporate Debtor defaulted on repayments, and the loan account was declared a Non-Performing Asset (NPA) on 01.03.1998. The Financial Creditor issued a loan recall notice on 01.09.1997, demanding Rs.2,26,44,413/-. The Corporate Debtor offered a One Time Settlement (OTS) on 14.10.2009, which was not fully complied with. The Corporate Debtor also filed an application under Section 15 of SICA, and proceedings
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IFCI, along with IDBI and ICICI, sanctioned a…
A Loan Agreement was…
The case involves an application filed by IFCI Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. G.K. Steel and Allied Industries Ltd. IFCI, along with IDBI and ICICI, had sanctioned term loans to G.K. Steel. The Corporate Debtor defaulted on repayments, leading to the loan account being declared a Non-Performing Asset (NPA). Several attempts at settlement, including One Time Settlement (OTS) offers, were made but failed. Prior to the IBC application, the Corporate Debtor was also subject to proceedings before the Board for Industrial and Financial Reconstruction (BIFR) and the Debt Recovery Tribunal (DRT).
IFCI Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. G.K. Steel and Allied Industries Ltd. (Corporate Debtor). IFCI, along with IDBI and ICICI, had sanctioned term loans to the Corporate Debtor amounting to Rs.695 Lakhs in 1988. The Corporate Debtor defaulted on repayments, and the loan account was declared a Non-Performing Asset (NPA) on 01.03.1998. The Financial Creditor issued a loan recall notice on 01.09.1997, demanding Rs.2,26,44,413/-. The Corporate Debtor offered a One Time Settlement (OTS) on 14.10.2009, which was not fully complied with. The Corporate Debtor also filed an application under Section 15 of SICA, and proceedings
…IFCI, along with IDBI and ICICI, sanctioned a…
A Loan Agreement was…