Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Lotus Auto Engineering Limited, the corporate debtor. The bank claimed to be a financial creditor. The application was filed due to the corporate debtor's default on a term loan of Rs. 175 Crores granted on 21.07.2011, and a subsequent term loan of Rs. 50 Crore on 31.12.2015. The applicant bank presented documents including sanction letters, board resolutions, and loan agreements to support its claim. The respondent company had approached the petitioner bank and submitted proposal for restructuring of loan vide letter dated 01.02.2017. Subsequently a joint lenders meeting was held on
…Oriental Bank of Commerce, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Lotus Auto Engineering Limited, the corporate debtor. The corporate debtor availed a Term Loan for Rs. 175 Crores on 21.07.2011. The applicant bank relied on documents including sanction letters, board resolutions, and loan agreements. A Master Joint Lenders Forum Agreement was executed on 18.09.2015 among Oriental Bank of Commerce, Central Bank of India, and the Sarawat Co-operative Bank Ltd. The corporate debtor further availed a Term Loan of Rs. 50 Crore on 31.12.2015. As of 30.11.2017, the total amount of default due and payable by the corporate debtor was
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Term Loan for Rs. 175 Crores was granted to…
Master Joint Lenders Forum Agreement was…
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Lotus Auto Engineering Limited, the corporate debtor. The bank claimed to be a financial creditor. The application was filed due to the corporate debtor's default on a term loan of Rs. 175 Crores granted on 21.07.2011, and a subsequent term loan of Rs. 50 Crore on 31.12.2015. The applicant bank presented documents including sanction letters, board resolutions, and loan agreements to support its claim. The respondent company had approached the petitioner bank and submitted proposal for restructuring of loan vide letter dated 01.02.2017. Subsequently a joint lenders meeting was held on
…Oriental Bank of Commerce, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Lotus Auto Engineering Limited, the corporate debtor. The corporate debtor availed a Term Loan for Rs. 175 Crores on 21.07.2011. The applicant bank relied on documents including sanction letters, board resolutions, and loan agreements. A Master Joint Lenders Forum Agreement was executed on 18.09.2015 among Oriental Bank of Commerce, Central Bank of India, and the Sarawat Co-operative Bank Ltd. The corporate debtor further availed a Term Loan of Rs. 50 Crore on 31.12.2015. As of 30.11.2017, the total amount of default due and payable by the corporate debtor was
…Term Loan for Rs. 175 Crores was granted to…
Master Joint Lenders Forum Agreement was…