Axis Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Lanco Mandakini Hydro Energy Pvt. Ltd. The petition was based on the corporate debtor's inability to liquidate its financial debt. The financial creditor had sanctioned financial assistance in the form of term loans amounting to Rs. 138.24 Cr. The corporate debtor failed to adhere to the terms and conditions of the agreements, leading to the account being declared as NPA on September 30, 2017. The total amount of default outstanding was claimed to be Rs. 149,88,18,088.
Axis Bank Ltd. (financial creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Lanco Mandakini Hydro Energy Pvt. Ltd. (corporate debtor). The financial creditor had sanctioned term loans amounting to Rs. 138.24 Cr. to the corporate debtor. The corporate debtor defaulted on the repayment of the loans, leading to its account being declared as NPA on September 30, 2017. The total amount of default outstanding was Rs. 149,88,18,088. The corporate debtor is a Hydro Electric Generation Company engaged in the construction of a 76 MW hydro Electric Power Plant on the river Mandakani, which project is still not completed. The date of default is 31st August, 2019. The financial creditor's application was found to be complete under
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Axis Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Lanco Mandakini Hydro Energy Pvt. Ltd. The petition was based on the corporate debtor's inability to liquidate its financial debt. The financial creditor had sanctioned financial assistance in the form of term loans amounting to Rs. 138.24 Cr. The corporate debtor failed to adhere to the terms and conditions of the agreements, leading to the account being declared as NPA on September 30, 2017. The total amount of default outstanding was claimed to be Rs. 149,88,18,088.
Axis Bank Ltd. (financial creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Lanco Mandakini Hydro Energy Pvt. Ltd. (corporate debtor). The financial creditor had sanctioned term loans amounting to Rs. 138.24 Cr. to the corporate debtor. The corporate debtor defaulted on the repayment of the loans, leading to its account being declared as NPA on September 30, 2017. The total amount of default outstanding was Rs. 149,88,18,088. The corporate debtor is a Hydro Electric Generation Company engaged in the construction of a 76 MW hydro Electric Power Plant on the river Mandakani, which project is still not completed. The date of default is 31st August, 2019. The financial creditor's application was found to be complete under
…Financial creditor…
The account of the…