The case involves a company petition (CP No. 2205/2019) filed by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jet Airways (India) Limited. Two other petitions (CP no 1968/2019 and 1938/2019) were filed under section 9 of the I&B Code by Gaggar Enterprises Private Limited and Shaman Wheels Private Limited, respectively, as operational creditors. All three petitions sought to initiate CIRP against Jet Airways and were dealt with in a common order. SBI's petition was filed on June 17, 2019, while another petition under Section 9 was already listed for argument on June 20, 2019, with notice served to the Corporate Debtor.
State Bank of India (SBI) filed a company petition (CP No. 2205/2019) under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jet Airways (India) Limited. SBI had granted a term loan of ₹1090 Cr. to Jet Airways via an agreement dated 2016-09-08. SBI, along with other lenders, executed a Common Loan Agreement (CLA) dated 2018-04-11. The financial exposure of SBI under the CLA was ₹1090 Cr. SBI and other lenders granted additional term loan facilities to Jet Airways via an Additional Term Loan Agreement dated 2018-04-11, with SBI granting an additional ₹200 Cr. Jet Airways also availed working capital facilities under a Working Capital Consortium Agreement dated 2014-10-20, with
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SBI granted a term loan…
SBI, along with other…
The case involves a company petition (CP No. 2205/2019) filed by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jet Airways (India) Limited. Two other petitions (CP no 1968/2019 and 1938/2019) were filed under section 9 of the I&B Code by Gaggar Enterprises Private Limited and Shaman Wheels Private Limited, respectively, as operational creditors. All three petitions sought to initiate CIRP against Jet Airways and were dealt with in a common order. SBI's petition was filed on June 17, 2019, while another petition under Section 9 was already listed for argument on June 20, 2019, with notice served to the Corporate Debtor.
State Bank of India (SBI) filed a company petition (CP No. 2205/2019) under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jet Airways (India) Limited. SBI had granted a term loan of ₹1090 Cr. to Jet Airways via an agreement dated 2016-09-08. SBI, along with other lenders, executed a Common Loan Agreement (CLA) dated 2018-04-11. The financial exposure of SBI under the CLA was ₹1090 Cr. SBI and other lenders granted additional term loan facilities to Jet Airways via an Additional Term Loan Agreement dated 2018-04-11, with SBI granting an additional ₹200 Cr. Jet Airways also availed working capital facilities under a Working Capital Consortium Agreement dated 2014-10-20, with
…SBI granted a term loan…
SBI, along with other…