State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mackeil Ispat & Forging Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). SBI, as the lead bank of a consortium of lenders, had extended various credit facilities to Mackeil Ispat & Forging Limited. Due to the Corporate Debtor's failure to meet its financial obligations, the account was declared a non-performing asset (NPA). SBI initiated this application after the Corporate Debtor defaulted on payments, with the total debt amounting to Rs. 217,42,97,170.42 as of January 19, 2018.
1. State Bank of India (SBI), acting as the lead bank of a consortium, extended credit facilities to Mackeil Ispat & Forging Limited.
2. The initial loan of Rs. 83.00 crores was sanctioned under a "Term Loan Consortium Facility".
3. Additional working capital facilities were extended, bringing the total loan amount to Rs. 94.83 crores.
4. The credit facilities were restructured via a Master Restructuring Agreement (MRA) dated March 21, 2012, due to the Corporate Debtor's failure to meet financial obligations.
5. The Corporate Debtor's accounts were declared as non-performing assets (NPA) effective March 31, 2013.
6. SBI issued a demand and recall letter dated February 25, 2015, recalling the restructured facilities.
7. The Corporate Debtor failed to make
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A common rupee loan…
The common rupee loan agreement was amended…
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mackeil Ispat & Forging Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). SBI, as the lead bank of a consortium of lenders, had extended various credit facilities to Mackeil Ispat & Forging Limited. Due to the Corporate Debtor's failure to meet its financial obligations, the account was declared a non-performing asset (NPA). SBI initiated this application after the Corporate Debtor defaulted on payments, with the total debt amounting to Rs. 217,42,97,170.42 as of January 19, 2018.
1. State Bank of India (SBI), acting as the lead bank of a consortium, extended credit facilities to Mackeil Ispat & Forging Limited.
2. The initial loan of Rs. 83.00 crores was sanctioned under a "Term Loan Consortium Facility".
3. Additional working capital facilities were extended, bringing the total loan amount to Rs. 94.83 crores.
4. The credit facilities were restructured via a Master Restructuring Agreement (MRA) dated March 21, 2012, due to the Corporate Debtor's failure to meet financial obligations.
5. The Corporate Debtor's accounts were declared as non-performing assets (NPA) effective March 31, 2013.
6. SBI issued a demand and recall letter dated February 25, 2015, recalling the restructured facilities.
7. The Corporate Debtor failed to make
A common rupee loan…
The common rupee loan agreement was amended…