Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code against Keti Highway Developers Pvt. Ltd. The application was initially filed as a company petition before the High Court of Madhya Pradesh and later transferred to the National Company Law Tribunal (NCLT), Ahmedabad Bench. The application pertains to a term loan of Rs. 55 Crores sanctioned by Axis Bank to Keti Highway Developers for a road development project. The account of the respondent company became a non-performing asset, leading to the bank issuing a demand notice for the outstanding amount.
Axis Bank Limited sanctioned a term loan of Rs. 55 Crores to Keti Highway Developers Pvt. Ltd. for the development of the Chandpur-Alirajpur-Kukshi-Barwani Road. The loan agreement was executed, and the terms and conditions were agreed upon. The Respondent Company failed to pay the outstanding dues, and the account became a non-performing asset on 29.11.2013. Axis Bank issued a demand notice on 21.4.2016, claiming an outstanding amount of Rs. 68,07,42,449/- as of 20th April, 2016. The Applicant Bank filed Form-1 before the Tribunal on 5th June, 2017. The Respondent raised objections, including the non-production of vital documents like the Escrow Account Agreement, Concession Agreement, and Substitution Agreement. The Respondent also argued that the presence of an
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Shri Sumit Sharma, Branch Manager of Axis…
Substitution Agreement dated 4th October, 2011…
Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code against Keti Highway Developers Pvt. Ltd. The application was initially filed as a company petition before the High Court of Madhya Pradesh and later transferred to the National Company Law Tribunal (NCLT), Ahmedabad Bench. The application pertains to a term loan of Rs. 55 Crores sanctioned by Axis Bank to Keti Highway Developers for a road development project. The account of the respondent company became a non-performing asset, leading to the bank issuing a demand notice for the outstanding amount.
Axis Bank Limited sanctioned a term loan of Rs. 55 Crores to Keti Highway Developers Pvt. Ltd. for the development of the Chandpur-Alirajpur-Kukshi-Barwani Road. The loan agreement was executed, and the terms and conditions were agreed upon. The Respondent Company failed to pay the outstanding dues, and the account became a non-performing asset on 29.11.2013. Axis Bank issued a demand notice on 21.4.2016, claiming an outstanding amount of Rs. 68,07,42,449/- as of 20th April, 2016. The Applicant Bank filed Form-1 before the Tribunal on 5th June, 2017. The Respondent raised objections, including the non-production of vital documents like the Escrow Account Agreement, Concession Agreement, and Substitution Agreement. The Respondent also argued that the presence of an
…Shri Sumit Sharma, Branch Manager of Axis…
Substitution Agreement dated 4th October, 2011…