Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Lotus Auto Engineering Limited, claiming to be a financial creditor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to default in repayment of 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 bank presented documents including sanction letters, board resolutions, and loan agreements to support its claim. The corporate debtor raised objections regarding the authorization of the applicant's representative and the necessity of consent from other consortium banks. They also proposed a debt restructuring plan. The bank argued
…Oriental Bank of Commerce (the applicant/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 respondent/corporate debtor). The applicant claimed that the corporate debtor defaulted 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 relied on documents such as sanction letters, board resolutions, and loan agreements. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 30.09.2016 due to the default. The corporate debtor proposed a debt restructuring plan, which was under consideration by the consortium banks. The corporate
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Oriental Bank of Commerce granted a term loan of…
A Master Joint Lenders Forum Agreement was…
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Lotus Auto Engineering Limited, claiming to be a financial creditor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to default in repayment of 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 bank presented documents including sanction letters, board resolutions, and loan agreements to support its claim. The corporate debtor raised objections regarding the authorization of the applicant's representative and the necessity of consent from other consortium banks. They also proposed a debt restructuring plan. The bank argued
…Oriental Bank of Commerce (the applicant/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 respondent/corporate debtor). The applicant claimed that the corporate debtor defaulted 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 relied on documents such as sanction letters, board resolutions, and loan agreements. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 30.09.2016 due to the default. The corporate debtor proposed a debt restructuring plan, which was under consideration by the consortium banks. The corporate
…Oriental Bank of Commerce granted a term loan of…
A Master Joint Lenders Forum Agreement was…