The Central Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Moser Baer Solar Ltd., the corporate debtor. The financial creditor claimed a default of Rs. 114,03,90,617.00 as of 31.07.2017, with the account classified as NPA on 30.12.2015. The financial creditor had sanctioned fund-based working capital limits and term loans to the corporate debtor, which were later restructured in March 2013, but the restructuring failed, and concessions were withdrawn.
The Central Bank of India, acting as the financial creditor, initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Moser Baer Solar Ltd., the corporate debtor. The financial creditor claimed a default of Rs. 114,03,90,617.00 as of 31.07.2017, and the account had been classified as a Non-Performing Asset (NPA) on 30.12.2015. The financial creditor had initially sanctioned working capital limits of Rs. 25.00 Crore and a term loan of Rs. 50.00 Crore to the corporate debtor in September 2010. A corporate debt restructuring was attempted in March 2013 but failed, leading to the withdrawal of concessions. The corporate debtor did not oppose the application filed by the financial creditor, indicating an acceptance of the default. The
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The Central Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Moser Baer Solar Ltd., the corporate debtor. The financial creditor claimed a default of Rs. 114,03,90,617.00 as of 31.07.2017, with the account classified as NPA on 30.12.2015. The financial creditor had sanctioned fund-based working capital limits and term loans to the corporate debtor, which were later restructured in March 2013, but the restructuring failed, and concessions were withdrawn.
The Central Bank of India, acting as the financial creditor, initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Moser Baer Solar Ltd., the corporate debtor. The financial creditor claimed a default of Rs. 114,03,90,617.00 as of 31.07.2017, and the account had been classified as a Non-Performing Asset (NPA) on 30.12.2015. The financial creditor had initially sanctioned working capital limits of Rs. 25.00 Crore and a term loan of Rs. 50.00 Crore to the corporate debtor in September 2010. A corporate debt restructuring was attempted in March 2013 but failed, leading to the withdrawal of concessions. The corporate debtor did not oppose the application filed by the financial creditor, indicating an acceptance of the default. The
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Corporate Debt…