The case involves a petition filed by Bank of India, the Financial Creditor, against Indu Projects Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor is engaged in engineering, procurement, construction, real estate, and property development. It had availed term loans, working capital limits, and other non-fund-based limits from the Financial Creditor and other financial institutions under a consortium banking arrangement. A Master Restructuring Agreement (MRA) was entered into on 2012-09-28. Despite the restructuring, the Corporate Debtor defaulted on payments, leading to its accounts becoming Non-Performing Assets (NPA). The Financial Creditor claims that the Corporate Debtor defaulted on the terms of the
…Bank of India, the Financial Creditor, filed a petition against Indu Projects Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Indu Projects Limited is involved in engineering, procurement, construction, real estate, and property development. The Corporate Debtor had availed various loan facilities from the Financial Creditor and other financial institutions under a consortium banking arrangement. A Master Restructuring Agreement (MRA) was entered into on 2012-09-28. Despite the restructuring, the Corporate Debtor defaulted on payments, leading to its accounts becoming Non-Performing Assets (NPA). The Financial Creditor claims that the Corporate Debtor defaulted on the terms of the MRA, constituting 'Events of Default'. The
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Master Restructuring Agreement entered into…
The appellant filed…
The case involves a petition filed by Bank of India, the Financial Creditor, against Indu Projects Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor is engaged in engineering, procurement, construction, real estate, and property development. It had availed term loans, working capital limits, and other non-fund-based limits from the Financial Creditor and other financial institutions under a consortium banking arrangement. A Master Restructuring Agreement (MRA) was entered into on 2012-09-28. Despite the restructuring, the Corporate Debtor defaulted on payments, leading to its accounts becoming Non-Performing Assets (NPA). The Financial Creditor claims that the Corporate Debtor defaulted on the terms of the
…Bank of India, the Financial Creditor, filed a petition against Indu Projects Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Indu Projects Limited is involved in engineering, procurement, construction, real estate, and property development. The Corporate Debtor had availed various loan facilities from the Financial Creditor and other financial institutions under a consortium banking arrangement. A Master Restructuring Agreement (MRA) was entered into on 2012-09-28. Despite the restructuring, the Corporate Debtor defaulted on payments, leading to its accounts becoming Non-Performing Assets (NPA). The Financial Creditor claims that the Corporate Debtor defaulted on the terms of the MRA, constituting 'Events of Default'. The
…Master Restructuring Agreement entered into…
The appellant filed…