Corporation Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mindlogicx Infratec Limited, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in payment of Rs. 15,22,11,780/-. The corporate debtor contested the petition, citing ongoing settlement negotiations, payments made, and the impact of the Covid-19 pandemic on its business. The corporate debtor also highlighted that the NPA classification by the bank was quashed by the High Court.
Corporation Bank extended a term loan of Rs. 9,28,66,590/- and an overdraft facility of Rs. 1,00,00,000/- to Mindlogicx Infratec Limited on 30.05.2013. Mindlogicx Infratec Limited defaulted on repayments, leading Corporation Bank to classify the account as a Non-Performing Asset (NPA) on 29.05.2014. Corporation Bank initiated recovery measures, including sending notices and taking possession of immovable assets under SARFAESI. Mindlogicx Infratec Limited contested these actions, filing a writ petition before the High Court of Karnataka, which quashed the NPA classification. Mindlogicx Infratec Limited made payments totaling Rs. 7,13,67,854/-. Corporation Bank filed a petition under Section 7 of the IBC seeking to initiate CIRP against Mindlogicx Infratec Limited for a
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Corporation Bank provided a term loan and…
Corporation Bank classified Mindlogicx…
Corporation Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Mindlogicx Infratec Limited, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in payment of Rs. 15,22,11,780/-. The corporate debtor contested the petition, citing ongoing settlement negotiations, payments made, and the impact of the Covid-19 pandemic on its business. The corporate debtor also highlighted that the NPA classification by the bank was quashed by the High Court.
Corporation Bank extended a term loan of Rs. 9,28,66,590/- and an overdraft facility of Rs. 1,00,00,000/- to Mindlogicx Infratec Limited on 30.05.2013. Mindlogicx Infratec Limited defaulted on repayments, leading Corporation Bank to classify the account as a Non-Performing Asset (NPA) on 29.05.2014. Corporation Bank initiated recovery measures, including sending notices and taking possession of immovable assets under SARFAESI. Mindlogicx Infratec Limited contested these actions, filing a writ petition before the High Court of Karnataka, which quashed the NPA classification. Mindlogicx Infratec Limited made payments totaling Rs. 7,13,67,854/-. Corporation Bank filed a petition under Section 7 of the IBC seeking to initiate CIRP against Mindlogicx Infratec Limited for a
…Corporation Bank provided a term loan and…
Corporation Bank classified Mindlogicx…