Axis Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Maharashtra Theatres Private Limited, the Corporate Debtor, due to a default in repayment of loan amounting to Rs. 55,75,27,571 as of 31.10.2020. The Corporate Debtor had availed various credit facilities from the Financial Creditor, including term loans, overdraft facilities, and bank guarantees, secured by hypothecation of rent receivables, mortgage of office premises, and personal guarantees from Mr. Anubhav Aggarwal and Mr. Anil Aggarwal. The Corporate Debtor defaulted on its repayment obligations, leading the Financial Creditor to declare the account as a Non-Performing Asset (NPA) and recall the
…Axis Bank Limited, the Financial Creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Maharashtra Theatres Private Limited, the Corporate Debtor, due to a default of Rs. 55,75,27,571 as of 31.10.2020. The Corporate Debtor had availed various credit facilities, including term loans, overdraft facilities, and bank guarantees, secured by hypothecation of rent receivables, mortgage of office premises, and personal guarantees from Mr. Anubhav Aggarwal and Mr. Anil Aggarwal. The Financial Creditor declared the Corporate Debtor's account as a Non-Performing Asset (NPA) on 29.01.2019 and recalled the credit facilities on 11.07.2019. The petition was filed on 30.12.2020. The Corporate Debtor contended that the petition was not maintainable as the
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Petitioner sanctioned…
Petitioner sanctioned an amount of Rs. 22.50…
Axis Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Maharashtra Theatres Private Limited, the Corporate Debtor, due to a default in repayment of loan amounting to Rs. 55,75,27,571 as of 31.10.2020. The Corporate Debtor had availed various credit facilities from the Financial Creditor, including term loans, overdraft facilities, and bank guarantees, secured by hypothecation of rent receivables, mortgage of office premises, and personal guarantees from Mr. Anubhav Aggarwal and Mr. Anil Aggarwal. The Corporate Debtor defaulted on its repayment obligations, leading the Financial Creditor to declare the account as a Non-Performing Asset (NPA) and recall the
…Axis Bank Limited, the Financial Creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Maharashtra Theatres Private Limited, the Corporate Debtor, due to a default of Rs. 55,75,27,571 as of 31.10.2020. The Corporate Debtor had availed various credit facilities, including term loans, overdraft facilities, and bank guarantees, secured by hypothecation of rent receivables, mortgage of office premises, and personal guarantees from Mr. Anubhav Aggarwal and Mr. Anil Aggarwal. The Financial Creditor declared the Corporate Debtor's account as a Non-Performing Asset (NPA) on 29.01.2019 and recalled the credit facilities on 11.07.2019. The petition was filed on 30.12.2020. The Corporate Debtor contended that the petition was not maintainable as the
…Petitioner sanctioned…
Petitioner sanctioned an amount of Rs. 22.50…