Oriental Bank of Commerce filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. IDEB Projects Pvt. Ltd. The petition was based on the corporate debtor's failure to pay an outstanding amount of Rs. 36,18,52,994. The corporate debtor had approached the financial creditor and other banks for working capital assistance. A consortium agreement was entered into, and the corporate debtor availed a working capital credit limit of Rs. 38 crores from Oriental Bank of Commerce. The corporate debtor created a security interest in favor of the consortium banks. The financial creditor issued a renewal cum reduction of limits, but the corporate debtor failed to pay the amount
…Oriental Bank of Commerce (OBC) is a banking company incorporated in 1980. IDEB Projects Pvt. Ltd. was incorporated on 17.04.1997. IDEB Projects approached OBC and other banks for working capital. OBC sanctioned credit facilities to IDEB Projects vide a letter dated 04.07.2007. A Working Capital Consortium Agreement was entered into on 11.07.2007, including SBI, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, and ICICI Bank. The consortium sanctioned a total working capital of Rs. 380 crores. IDEB Projects availed a working capital credit limit of Rs. 38 crores from OBC. IDEB Projects created a security interest in favor of the consortium banks. On 06.06.2009, OBC issued a Renewal Cum Reduction of certain limits. IDEB Projects utilized the
…Sign in to view the parties.
Oriental Bank of…
Agreement entered into…
Oriental Bank of Commerce filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. IDEB Projects Pvt. Ltd. The petition was based on the corporate debtor's failure to pay an outstanding amount of Rs. 36,18,52,994. The corporate debtor had approached the financial creditor and other banks for working capital assistance. A consortium agreement was entered into, and the corporate debtor availed a working capital credit limit of Rs. 38 crores from Oriental Bank of Commerce. The corporate debtor created a security interest in favor of the consortium banks. The financial creditor issued a renewal cum reduction of limits, but the corporate debtor failed to pay the amount
…Oriental Bank of Commerce (OBC) is a banking company incorporated in 1980. IDEB Projects Pvt. Ltd. was incorporated on 17.04.1997. IDEB Projects approached OBC and other banks for working capital. OBC sanctioned credit facilities to IDEB Projects vide a letter dated 04.07.2007. A Working Capital Consortium Agreement was entered into on 11.07.2007, including SBI, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, and ICICI Bank. The consortium sanctioned a total working capital of Rs. 380 crores. IDEB Projects availed a working capital credit limit of Rs. 38 crores from OBC. IDEB Projects created a security interest in favor of the consortium banks. On 06.06.2009, OBC issued a Renewal Cum Reduction of certain limits. IDEB Projects utilized the
…Oriental Bank of…
Agreement entered into…