ICICI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against McNally Sayaji Engineering Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to defaults in repayment of loan facilities granted by ICICI Bank to McNally Sayaji Engineering Limited. The Corporate Debtor had sought restructuring initiatives and presented a resolution plan, but the matter remained unresolved.
ICICI Bank Limited granted various loan facilities to McNally Sayaji Engineering Limited, including Rupee Term Loan facilities and a Working Capital facility. The cumulative value of the Rupee term loan facilities was Rs. 50,00,00,000/-. The Corporate Debtor defaulted on repayments, with the total amount overdue as of December 31, 2019, being Rs. 74,85,66,318.41. The dates of default for the Rupee Term Loan facilities were January 31, 2019, and for the Working Capital facility, it was January 28, 2019. The Financial Creditor secured the loan through various documents and securities. The Corporate Debtor attempted to restructure its debts and presented a resolution plan, but the plan was not implemented. The Financial Creditor issued a demand-cum-loan recalling notice
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ICICI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against McNally Sayaji Engineering Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to defaults in repayment of loan facilities granted by ICICI Bank to McNally Sayaji Engineering Limited. The Corporate Debtor had sought restructuring initiatives and presented a resolution plan, but the matter remained unresolved.
ICICI Bank Limited granted various loan facilities to McNally Sayaji Engineering Limited, including Rupee Term Loan facilities and a Working Capital facility. The cumulative value of the Rupee term loan facilities was Rs. 50,00,00,000/-. The Corporate Debtor defaulted on repayments, with the total amount overdue as of December 31, 2019, being Rs. 74,85,66,318.41. The dates of default for the Rupee Term Loan facilities were January 31, 2019, and for the Working Capital facility, it was January 28, 2019. The Financial Creditor secured the loan through various documents and securities. The Corporate Debtor attempted to restructure its debts and presented a resolution plan, but the plan was not implemented. The Financial Creditor issued a demand-cum-loan recalling notice
…The matte…
The Corporate Debtor…