Bank of India, as a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s Maxim Infrastructure & Real Estate Ltd., the corporate debtor. The corporate debtor had approached a consortium of 7 banks, including Bank of India, for financial assistance. The consortium, with State Bank of India as the lead bank, sanctioned a total loan of Rs. 159.24 crores. Bank of India's contribution was Rs. 19 crores. Individual sanction letters were issued, and a Common Loan Agreement and Security Agent Agreement were executed on 24.11.2010. The corporate debtor also executed a deed of hypothecation. Corporate and
…Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against M/s Maxim Infrastructure & Real Estate Ltd. The corporate debtor had approached a consortium of 7 banks, including Bank of India, for financial assistance, resulting in a total loan of Rs. 159.24 crores, with Bank of India contributing Rs. 19 crores. Individual sanction letters were issued, and a Common Loan Agreement and Security Agent Agreement were executed on 24.11.2010. The corporate debtor also executed a deed of hypothecation, and corporate and personal guarantees were provided. Equitable mortgages were created over various properties. The corporate debtor defaulted on repayment, leading to the loan account being classified as NPA on 31.12.2015. Loan
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Bank of India, as a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s Maxim Infrastructure & Real Estate Ltd., the corporate debtor. The corporate debtor had approached a consortium of 7 banks, including Bank of India, for financial assistance. The consortium, with State Bank of India as the lead bank, sanctioned a total loan of Rs. 159.24 crores. Bank of India's contribution was Rs. 19 crores. Individual sanction letters were issued, and a Common Loan Agreement and Security Agent Agreement were executed on 24.11.2010. The corporate debtor also executed a deed of hypothecation. Corporate and
…Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against M/s Maxim Infrastructure & Real Estate Ltd. The corporate debtor had approached a consortium of 7 banks, including Bank of India, for financial assistance, resulting in a total loan of Rs. 159.24 crores, with Bank of India contributing Rs. 19 crores. Individual sanction letters were issued, and a Common Loan Agreement and Security Agent Agreement were executed on 24.11.2010. The corporate debtor also executed a deed of hypothecation, and corporate and personal guarantees were provided. Equitable mortgages were created over various properties. The corporate debtor defaulted on repayment, leading to the loan account being classified as NPA on 31.12.2015. Loan
…Financial Creditor…
The Corporate Debtor and the Consortium Banks…