RBL Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against MBL Infrastructures Limited, the corporate debtor. The application was based on the corporate debtor's default in making payments against credit facilities extended by RBL Bank. The corporate debtor had availed credit facilities amounting to Rs. 70 crores, and despite demand notices, failed to make the required payments, leading to the application for CIRP.
RBL Bank Limited, a financial creditor, extended credit facilities of Rs. 70 crores to MBL Infrastructures Limited, the corporate debtor, based on a sanction letter dated 2014-04-15. The credit facilities were further enhanced at the request of the corporate debtor. The corporate debtor also entered into a consortium led by State Bank of Mysore. Despite assurances and demand notices, the corporate debtor failed to make payments, resulting in an outstanding amount of Rs. 7,26,47,146 as of 2017-03-01. The corporate debtor claimed that RBL Bank unilaterally opted out of the consortium, causing financial difficulties. The applicant invoked bank guarantees to the tune of Rs. 7 crore. The corporate debtor defaulted on payments, leading RBL Bank to file an application under
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RBL Bank issued a sanction letter for…
MBL Infrastructures…
RBL Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against MBL Infrastructures Limited, the corporate debtor. The application was based on the corporate debtor's default in making payments against credit facilities extended by RBL Bank. The corporate debtor had availed credit facilities amounting to Rs. 70 crores, and despite demand notices, failed to make the required payments, leading to the application for CIRP.
RBL Bank Limited, a financial creditor, extended credit facilities of Rs. 70 crores to MBL Infrastructures Limited, the corporate debtor, based on a sanction letter dated 2014-04-15. The credit facilities were further enhanced at the request of the corporate debtor. The corporate debtor also entered into a consortium led by State Bank of Mysore. Despite assurances and demand notices, the corporate debtor failed to make payments, resulting in an outstanding amount of Rs. 7,26,47,146 as of 2017-03-01. The corporate debtor claimed that RBL Bank unilaterally opted out of the consortium, causing financial difficulties. The applicant invoked bank guarantees to the tune of Rs. 7 crore. The corporate debtor defaulted on payments, leading RBL Bank to file an application under
…RBL Bank issued a sanction letter for…
MBL Infrastructures…