State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Millennium Appliances India Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's default in repaying various facilities granted by State Bank of India and its associate banks. The default occurred on 31.01.2017, with an outstanding amount of Rs. 456.90 crores, leading to a total outstanding of Rs. 3171.37 crores. The Corporate Debtor was a co-obligor under a Rupee Term Loan agreement dated 08.08.2012, with Videocon Industries Limited (VIL) as the 'Obligor Agent'. The RBI had directed that NPA accounts, including Videocon Industries Limited, be resolved outside the Insolvency and Bankruptcy
…State Bank of India (SBI) filed a petition against Millennium Appliances India Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. Millennium Appliances India Limited is a co-obligor under a Rupee Term Loan agreement dated 08.08.2012, where Videocon Industries Limited (VIL) is the 'Obligor Agent'. The Corporate Debtor defaulted on 31.01.2017, with an outstanding amount of Rs. 456.90 crores, leading to a total outstanding of Rs. 3171.37 crores. SBI and its associate banks (State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner & Jaipur, and State Bank of Patiala) had granted various facilities to the Corporate Debtor. The petitioner along with its associate banks entered into a Rupee
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The petitioner along…
The Rupee Facility Agreement was amended by the…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Millennium Appliances India Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's default in repaying various facilities granted by State Bank of India and its associate banks. The default occurred on 31.01.2017, with an outstanding amount of Rs. 456.90 crores, leading to a total outstanding of Rs. 3171.37 crores. The Corporate Debtor was a co-obligor under a Rupee Term Loan agreement dated 08.08.2012, with Videocon Industries Limited (VIL) as the 'Obligor Agent'. The RBI had directed that NPA accounts, including Videocon Industries Limited, be resolved outside the Insolvency and Bankruptcy
…State Bank of India (SBI) filed a petition against Millennium Appliances India Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. Millennium Appliances India Limited is a co-obligor under a Rupee Term Loan agreement dated 08.08.2012, where Videocon Industries Limited (VIL) is the 'Obligor Agent'. The Corporate Debtor defaulted on 31.01.2017, with an outstanding amount of Rs. 456.90 crores, leading to a total outstanding of Rs. 3171.37 crores. SBI and its associate banks (State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner & Jaipur, and State Bank of Patiala) had granted various facilities to the Corporate Debtor. The petitioner along with its associate banks entered into a Rupee
…The petitioner along…
The Rupee Facility Agreement was amended by the…