The case involves a Company Petition filed by L&T Infrastructure Finance Company Limited (Financial Creditor) against ICOMM Tele Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor had sanctioned a Rupee Term Loan of Rs. 50,00,00,000/- to the Corporate Debtor, which the Corporate Debtor failed to repay. The total outstanding amount as of 31.05.2018 was Rs. 44,54,91,937/-. The Corporate Debtor also took loans from a consortium of 16 Banks and Financial Institutions, with outstanding dues of Rs. 1811.58 crores as of 31.03.2018. The Corporate Debtor's financial condition was precarious, leading to the petition.
L&T Infrastructure Finance Company Limited (Financial Creditor) filed a Company Petition against ICOMM Tele Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor had sanctioned a Rupee Term Loan of Rs. 50,00,00,000/- to the Corporate Debtor vide sanction letter dated 21.07.2008 and Facility Agreement dated 22.08.2008. The loan was to be repaid in 50 equal monthly installments after a moratorium of 10 months. The Corporate Debtor failed to pay the loan and also failed in terms of the OTS envisaged under the Master Restructuring Agreement. The total outstanding amount as of 31.05.2018 was Rs. 44,54,91,937/-. The Corporate Debtor had also taken loans from a consortium of 16 Banks and Financial Institutions, with
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Financial Creditor sanctioned a Rupee Term…
Facility Agreement was…
The case involves a Company Petition filed by L&T Infrastructure Finance Company Limited (Financial Creditor) against ICOMM Tele Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor had sanctioned a Rupee Term Loan of Rs. 50,00,00,000/- to the Corporate Debtor, which the Corporate Debtor failed to repay. The total outstanding amount as of 31.05.2018 was Rs. 44,54,91,937/-. The Corporate Debtor also took loans from a consortium of 16 Banks and Financial Institutions, with outstanding dues of Rs. 1811.58 crores as of 31.03.2018. The Corporate Debtor's financial condition was precarious, leading to the petition.
L&T Infrastructure Finance Company Limited (Financial Creditor) filed a Company Petition against ICOMM Tele Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor had sanctioned a Rupee Term Loan of Rs. 50,00,00,000/- to the Corporate Debtor vide sanction letter dated 21.07.2008 and Facility Agreement dated 22.08.2008. The loan was to be repaid in 50 equal monthly installments after a moratorium of 10 months. The Corporate Debtor failed to pay the loan and also failed in terms of the OTS envisaged under the Master Restructuring Agreement. The total outstanding amount as of 31.05.2018 was Rs. 44,54,91,937/-. The Corporate Debtor had also taken loans from a consortium of 16 Banks and Financial Institutions, with
…Financial Creditor sanctioned a Rupee Term…
Facility Agreement was…