IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Impala Distillery Limited for initiating Corporate Insolvency Resolution Process (CIRP). The claim amounted to ₹59,96,55,590 as of 01.10.2018. The Corporate Debtor contended that the application was barred by limitation, as the date of default was 31.12.2007, and the application was filed in 2019. The Applicant Bank had extended Rupee Term Loan I and Foreign Currency Loan to the Corporate Debtor, and various loan agreements were executed. The Corporate Debtor had requested restructuring of the debt, which was approved by the Applicant Bank. The loan accounts were declared NPA on 31.12.2007. The Applicant Bank issued Recall Notices and Statutory Notices under
…IDBI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Impala Distillery Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) for a claim of ₹59,96,55,590 as of 01.10.2018. The Applicant Bank had extended Rupee Term Loan I for ₹302 Lakh and Foreign Currency Loan for ₹198 Lakh to the Corporate Debtor. The Corporate Debtor issued a letter on 17.03.2001 requesting for restructuring of the debt amount, which the Applicant Bank agreed to on 30.04.2001. The loan accounts of the Corporate Debtor were declared NPA on 31.12.2007. The Applicant Bank issued a Recall Notice on 24.03.2012 and a Statutory Notice under Section 13(2) of the SARFAESI Act, 2002,
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Applicant Bank extended Rupee Term Loan I and…
Applicant and Corporate Debtor entered into…
IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Impala Distillery Limited for initiating Corporate Insolvency Resolution Process (CIRP). The claim amounted to ₹59,96,55,590 as of 01.10.2018. The Corporate Debtor contended that the application was barred by limitation, as the date of default was 31.12.2007, and the application was filed in 2019. The Applicant Bank had extended Rupee Term Loan I and Foreign Currency Loan to the Corporate Debtor, and various loan agreements were executed. The Corporate Debtor had requested restructuring of the debt, which was approved by the Applicant Bank. The loan accounts were declared NPA on 31.12.2007. The Applicant Bank issued Recall Notices and Statutory Notices under
…IDBI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Impala Distillery Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) for a claim of ₹59,96,55,590 as of 01.10.2018. The Applicant Bank had extended Rupee Term Loan I for ₹302 Lakh and Foreign Currency Loan for ₹198 Lakh to the Corporate Debtor. The Corporate Debtor issued a letter on 17.03.2001 requesting for restructuring of the debt amount, which the Applicant Bank agreed to on 30.04.2001. The loan accounts of the Corporate Debtor were declared NPA on 31.12.2007. The Applicant Bank issued a Recall Notice on 24.03.2012 and a Statutory Notice under Section 13(2) of the SARFAESI Act, 2002,
…Applicant Bank extended Rupee Term Loan I and…
Applicant and Corporate Debtor entered into…