ICICI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gwalior Bypass Project Limited, the Corporate Debtor, due to defaults in loan repayments. The Corporate Debtor is a special purpose vehicle (SPV) entrusted with the construction of a 4-lane Gwalior Bypass Project. The Corporate Debtor argued that defaults were due to non-payment of annuities by the National Highways Authority of India (NHAI). The Financial Creditor claimed a default of Rs. 128,70,55,301.55 as of 27.08.2018. Several applications for intervention and impleadment were filed, including one by L&T Infrastructure Finance Company Limited, which were ultimately
…ICICI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gwalior Bypass Project Limited (Corporate Debtor). The Corporate Debtor was incorporated on 23.06.2006. ICICI Bank disbursed loans aggregating to INR 91.5 crores to the Corporate Debtor. The Corporate Debtor defaulted on loan repayments. The account of the Corporate Debtor was classified as Special Mention Account (SMA)-2 on 02.03.2015 and as NPA on 15.04.2016. The total amount in default as on 27.08.2018 was Rs. 128,70,55,301.55. The Corporate Debtor is a Special Performance Vehicle (SPV) held by a consortium including Era Infra Engineering Ltd. (EIEL). The Corporate Debtor was
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Gwalior Bypass…
ICICI Bank Limited…
ICICI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gwalior Bypass Project Limited, the Corporate Debtor, due to defaults in loan repayments. The Corporate Debtor is a special purpose vehicle (SPV) entrusted with the construction of a 4-lane Gwalior Bypass Project. The Corporate Debtor argued that defaults were due to non-payment of annuities by the National Highways Authority of India (NHAI). The Financial Creditor claimed a default of Rs. 128,70,55,301.55 as of 27.08.2018. Several applications for intervention and impleadment were filed, including one by L&T Infrastructure Finance Company Limited, which were ultimately
…ICICI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gwalior Bypass Project Limited (Corporate Debtor). The Corporate Debtor was incorporated on 23.06.2006. ICICI Bank disbursed loans aggregating to INR 91.5 crores to the Corporate Debtor. The Corporate Debtor defaulted on loan repayments. The account of the Corporate Debtor was classified as Special Mention Account (SMA)-2 on 02.03.2015 and as NPA on 15.04.2016. The total amount in default as on 27.08.2018 was Rs. 128,70,55,301.55. The Corporate Debtor is a Special Performance Vehicle (SPV) held by a consortium including Era Infra Engineering Ltd. (EIEL). The Corporate Debtor was
…Gwalior Bypass…
ICICI Bank Limited…