ICICI Bank Ltd. filed a Company Petition against Innoventive Industries Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, stating that Innoventive Industries defaulted on payments for term loan, working capital facility, and external commercial borrowing facilities. The default occurred on 30.11.2016. Innoventive Industries had availed financial assistance of industrial promotion subsidy from the Government of Maharashtra. The corporate debtor argued that its debts were suspended under the Maharashtra Relief Undertaking (Special Provisions) Act, which provides relief to industries to prevent unemployment. The applicant argued that Section 238 of the IBC overrides the MRU Act.
ICICI Bank Ltd. filed a Company Petition against Innoventive Industries Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Innoventive Industries defaulted on payments for a term loan facility of ₹40,74,57,388, a working capital facility of ₹21,80,00,000, and a $7 million external commercial borrowing facility. The default occurred on 30.11.2016. The total outstanding amount payable by Innoventive Industries was ₹1,019,177,034 as of November 30, 2016. Innoventive Industries argued that its debts were suspended under the Maharashtra Relief Undertaking (Special Provisions) Act, enacted on 18.7.2016, which provided financial assistance of industrial promotion subsidy of ₹115,36,40,000. The corporate debtor filed an application stating that its debts were
…Sign in to view the parties.
ICICI Bank Ltd. filed a…
Innoventive In…
ICICI Bank Ltd. filed a Company Petition against Innoventive Industries Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, stating that Innoventive Industries defaulted on payments for term loan, working capital facility, and external commercial borrowing facilities. The default occurred on 30.11.2016. Innoventive Industries had availed financial assistance of industrial promotion subsidy from the Government of Maharashtra. The corporate debtor argued that its debts were suspended under the Maharashtra Relief Undertaking (Special Provisions) Act, which provides relief to industries to prevent unemployment. The applicant argued that Section 238 of the IBC overrides the MRU Act.
ICICI Bank Ltd. filed a Company Petition against Innoventive Industries Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Innoventive Industries defaulted on payments for a term loan facility of ₹40,74,57,388, a working capital facility of ₹21,80,00,000, and a $7 million external commercial borrowing facility. The default occurred on 30.11.2016. The total outstanding amount payable by Innoventive Industries was ₹1,019,177,034 as of November 30, 2016. Innoventive Industries argued that its debts were suspended under the Maharashtra Relief Undertaking (Special Provisions) Act, enacted on 18.7.2016, which provided financial assistance of industrial promotion subsidy of ₹115,36,40,000. The corporate debtor filed an application stating that its debts were
…ICICI Bank Ltd. filed a…
Innoventive In…