Andhra Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Lanco Solar Energy Private Limited, the Corporate Debtor, due to default in repayment of loan facilities. The Corporate Debtor had approached the Financial Creditor for extension of credit facilities, which were granted. The Financial Creditor later renewed the working capital limits. However, the Corporate Debtor defaulted in payments. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act. The Corporate Debtor requested the Financial Creditor to withhold the notice. The Corporate Debtor was unable to repay its loans/credit facilities. The Corporate Debtor claimed to have been profitable until 2012-13 and during 2015-2016
…Andhra Bank extended credit facilities to Lanco Solar Energy Private Limited, including working capital loans and bank guarantees. The Corporate Debtor defaulted on these payments. Andhra Bank issued a notice under Section 13(2) of the SARFAESI Act. Lanco Solar Energy Private Limited requested Andhra Bank to withhold the notice. Lanco Solar Energy Private Limited claimed to have been profitable until 2012-13 and during 2015-2016 and 2016-2017, attributing its decline to external factors. Lanco Solar Energy Private Limited stated it was taking steps towards repayment by revamping operations and considering the joint sale of its investment with the liquidator of its parent company, Lanco Infratech Limited. Andhra Bank filed a petition under Section 7 of the Insolvency
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The Corporate Debtor approached the…
The Financial Creditor decided to extend…
Andhra Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Lanco Solar Energy Private Limited, the Corporate Debtor, due to default in repayment of loan facilities. The Corporate Debtor had approached the Financial Creditor for extension of credit facilities, which were granted. The Financial Creditor later renewed the working capital limits. However, the Corporate Debtor defaulted in payments. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act. The Corporate Debtor requested the Financial Creditor to withhold the notice. The Corporate Debtor was unable to repay its loans/credit facilities. The Corporate Debtor claimed to have been profitable until 2012-13 and during 2015-2016
…Andhra Bank extended credit facilities to Lanco Solar Energy Private Limited, including working capital loans and bank guarantees. The Corporate Debtor defaulted on these payments. Andhra Bank issued a notice under Section 13(2) of the SARFAESI Act. Lanco Solar Energy Private Limited requested Andhra Bank to withhold the notice. Lanco Solar Energy Private Limited claimed to have been profitable until 2012-13 and during 2015-2016 and 2016-2017, attributing its decline to external factors. Lanco Solar Energy Private Limited stated it was taking steps towards repayment by revamping operations and considering the joint sale of its investment with the liquidator of its parent company, Lanco Infratech Limited. Andhra Bank filed a petition under Section 7 of the Insolvency
…The Corporate Debtor approached the…
The Financial Creditor decided to extend…