The case involves an application filed by IFCI Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. G.K. Steels And Allied Industries Ltd., the Corporate Debtor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor, along with IDBI and ICICI, had sanctioned term loans to the Corporate Debtor in 1988. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) in 1998. Several legal proceedings, including those before the Debt Recovery Tribunal (DRT) and the Board for Industrial and Financial Reconstruction (BIFR), ensued. The Corporate
…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) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, along with IDBI and ICICI, sanctioned term loans to the Corporate Debtor amounting to Rs.695 Lakhs in 1988. A loan agreement was executed on 11.07.1988. A deed of hypothecation was executed on 11.07.1988. The Financial Creditor secured its loan through a joint mortgage 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
…Sign in to view the parties.
Financial Creditor along with IDBI and ICICI…
A Loan Agreement was…
The case involves an application filed by IFCI Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. G.K. Steels And Allied Industries Ltd., the Corporate Debtor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor, along with IDBI and ICICI, had sanctioned term loans to the Corporate Debtor in 1988. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) in 1998. Several legal proceedings, including those before the Debt Recovery Tribunal (DRT) and the Board for Industrial and Financial Reconstruction (BIFR), ensued. The Corporate
…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) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, along with IDBI and ICICI, sanctioned term loans to the Corporate Debtor amounting to Rs.695 Lakhs in 1988. A loan agreement was executed on 11.07.1988. A deed of hypothecation was executed on 11.07.1988. The Financial Creditor secured its loan through a joint mortgage 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
…Financial Creditor along with IDBI and ICICI…
A Loan Agreement was…