The Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Luni Power Company Private Limited, referred to as the Corporate Debtor. The Corporate Debtor had been availing loan facilities from the Financial Creditor since 2012, with a term loan of Rs. 15 crores sanctioned to set up a 4.5 MW Hydro Power Project. The Corporate Debtor defaulted in repayment, leading to the account being classified as NPA on 07.06.2017. A demand notice was issued on 06.12.2018, but no payment was received. The Corporate Debtor submitted an OTS proposal on 19.11.2018, which the Financial Creditor did not approve before initiating CIRP.
Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Luni Power Company Private Limited, the Corporate Debtor. The Corporate Debtor had been availing loan facilities since 2012 and was sanctioned a term loan of Rs. 15 crores to establish a 4.5 MW Hydro Power Project. The project's COD (Commercial Operation Date) was envisaged on 31.03.2017, with repayment scheduled to commence in June 2017. The Corporate Debtor defaulted on repayments, leading to the account being classified as Non-Performing Asset (NPA) on 07.06.2017. As of 31.12.2018, the total amount due was Rs. 17,44,85,568.00, including interest. The loan was secured by
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Corporate Debtor…
Letter dated 05.03.2016…
The Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Luni Power Company Private Limited, referred to as the Corporate Debtor. The Corporate Debtor had been availing loan facilities from the Financial Creditor since 2012, with a term loan of Rs. 15 crores sanctioned to set up a 4.5 MW Hydro Power Project. The Corporate Debtor defaulted in repayment, leading to the account being classified as NPA on 07.06.2017. A demand notice was issued on 06.12.2018, but no payment was received. The Corporate Debtor submitted an OTS proposal on 19.11.2018, which the Financial Creditor did not approve before initiating CIRP.
Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Luni Power Company Private Limited, the Corporate Debtor. The Corporate Debtor had been availing loan facilities since 2012 and was sanctioned a term loan of Rs. 15 crores to establish a 4.5 MW Hydro Power Project. The project's COD (Commercial Operation Date) was envisaged on 31.03.2017, with repayment scheduled to commence in June 2017. The Corporate Debtor defaulted on repayments, leading to the account being classified as Non-Performing Asset (NPA) on 07.06.2017. As of 31.12.2018, the total amount due was Rs. 17,44,85,568.00, including interest. The loan was secured by
…Corporate Debtor…
Letter dated 05.03.2016…