RBL Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gem Batteries Private Limited. The application was filed due to a default on a loan facility extended to the corporate debtor. The corporate debtor was proceeded against ex-parte.
RBL Bank Limited, the financial creditor, extended a loan facility of Rs. 5.50 Crores to Gem Batteries Private Limited, the corporate debtor, on April 28, 2012. The credit facilities were renewed and extended, with the last extension on February 15, 2016, for Rs. 14.50 Crores. As of January 31, 2020, the outstanding amount was Rs. 18,17,49,217.10, with an interest rate of 10.70% p.a. plus 2% penal interest. The corporate debtor's account was declared a Non-Performing Asset (NPA) on May 31, 2017. The application under Section 7 of the IBC was filed on March 20, 2020, within the limitation period. The financial creditor submitted documents, including a credit facility agreement, composite deed of hypothecation, demand promissory notes, agreement for irrevocable
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RBL Bank Limited extended a loan facility…
Credit facilities were extended vide sanction…
RBL Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gem Batteries Private Limited. The application was filed due to a default on a loan facility extended to the corporate debtor. The corporate debtor was proceeded against ex-parte.
RBL Bank Limited, the financial creditor, extended a loan facility of Rs. 5.50 Crores to Gem Batteries Private Limited, the corporate debtor, on April 28, 2012. The credit facilities were renewed and extended, with the last extension on February 15, 2016, for Rs. 14.50 Crores. As of January 31, 2020, the outstanding amount was Rs. 18,17,49,217.10, with an interest rate of 10.70% p.a. plus 2% penal interest. The corporate debtor's account was declared a Non-Performing Asset (NPA) on May 31, 2017. The application under Section 7 of the IBC was filed on March 20, 2020, within the limitation period. The financial creditor submitted documents, including a credit facility agreement, composite deed of hypothecation, demand promissory notes, agreement for irrevocable
…RBL Bank Limited extended a loan facility…
Credit facilities were extended vide sanction…