Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Isolux Corsan India Engineering & Construction Pvt. Ltd. The bank, claiming to be a financial creditor, sought to recover outstanding dues. The corporate debtor was granted fund-based financial facilities amounting to ₹350 crores, later reduced to ₹280 crores. The corporate debtor defaulted on payments, leading to the classification of its account as NPA. The petitioner amended the petition to incorporate necessary details and provided documents to support the application. The corporate debtor acknowledged the default but cited insolvency of its shareholders as the reason for its inability to meet obligations.
Oriental Bank of Commerce, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Isolux Corsan India Engineering & Construction Pvt. Ltd., the corporate debtor. The corporate debtor was granted fund-based financial facilities totaling ₹350 crores, later reduced to ₹280 crores. These facilities included term loans, cash credit, and bank guarantee limits. The corporate debtor executed various security documents, including agreements for term loans, hypothecation of assets, and counter-guarantee agreements. The last payment towards the loan was made on 09.05.2017, after which the loan was not serviced, and the account was classified as NPA on 31.08.2017. A demand notice under Section 13(2) of the SARFAESI Act
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Oriental Ba…
Oriental Bank of…
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Isolux Corsan India Engineering & Construction Pvt. Ltd. The bank, claiming to be a financial creditor, sought to recover outstanding dues. The corporate debtor was granted fund-based financial facilities amounting to ₹350 crores, later reduced to ₹280 crores. The corporate debtor defaulted on payments, leading to the classification of its account as NPA. The petitioner amended the petition to incorporate necessary details and provided documents to support the application. The corporate debtor acknowledged the default but cited insolvency of its shareholders as the reason for its inability to meet obligations.
Oriental Bank of Commerce, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Isolux Corsan India Engineering & Construction Pvt. Ltd., the corporate debtor. The corporate debtor was granted fund-based financial facilities totaling ₹350 crores, later reduced to ₹280 crores. These facilities included term loans, cash credit, and bank guarantee limits. The corporate debtor executed various security documents, including agreements for term loans, hypothecation of assets, and counter-guarantee agreements. The last payment towards the loan was made on 09.05.2017, after which the loan was not serviced, and the account was classified as NPA on 31.08.2017. A demand notice under Section 13(2) of the SARFAESI Act
…Oriental Ba…
Oriental Bank of…