The case involves a petition filed by Indian Renewable Energy Development Agency Limited (IREDA) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Noble Ispat & Energies Limited. IREDA claims that Noble Ispat defaulted on a total principal outstanding amount of Rs. 14,02,00,000 as of 30.04.2018. IREDA, a Union Government Company and Public Financial Institution, had sanctioned a term loan to Noble Ispat for setting up a captive power plant. The loan agreement was executed on 09.05.2007, with a supplementary agreement on 31.07.2009. Noble Ispat issued postdated cheques to discharge its liability, but these were returned unpaid due to insufficient funds. IREDA initiated recovery
…Indian Renewable Energy Development Agency Limited (IREDA) is a Union Government Company and Public Financial Institution. Noble Ispat & Energies Limited is a Public Limited Company, previously known as Noble Distilleries & Powers Limited. IREDA sanctioned a term loan of Rs. 21,30,00,000 to Noble Ispat for setting up an 8MW Captive Power Plant, with a sanction letter dated 21.03.2007. A loan agreement was executed on 09.05.2007, and a supplementary agreement on 31.07.2009. Noble Ispat defaulted on the loan, with a principal outstanding amount of Rs. 14,02,00,000 as of 30.04.2018. Postdated cheques issued by Noble Ispat were dishonored due to insufficient funds. IREDA classified Noble Ispat's account as a Non-Performing Asset (NPA) on 31.03.2012. IREDA initiated
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Indian Renewable Energy Development Agency…
Noble Ispat & Energies…
The case involves a petition filed by Indian Renewable Energy Development Agency Limited (IREDA) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Noble Ispat & Energies Limited. IREDA claims that Noble Ispat defaulted on a total principal outstanding amount of Rs. 14,02,00,000 as of 30.04.2018. IREDA, a Union Government Company and Public Financial Institution, had sanctioned a term loan to Noble Ispat for setting up a captive power plant. The loan agreement was executed on 09.05.2007, with a supplementary agreement on 31.07.2009. Noble Ispat issued postdated cheques to discharge its liability, but these were returned unpaid due to insufficient funds. IREDA initiated recovery
…Indian Renewable Energy Development Agency Limited (IREDA) is a Union Government Company and Public Financial Institution. Noble Ispat & Energies Limited is a Public Limited Company, previously known as Noble Distilleries & Powers Limited. IREDA sanctioned a term loan of Rs. 21,30,00,000 to Noble Ispat for setting up an 8MW Captive Power Plant, with a sanction letter dated 21.03.2007. A loan agreement was executed on 09.05.2007, and a supplementary agreement on 31.07.2009. Noble Ispat defaulted on the loan, with a principal outstanding amount of Rs. 14,02,00,000 as of 30.04.2018. Postdated cheques issued by Noble Ispat were dishonored due to insufficient funds. IREDA classified Noble Ispat's account as a Non-Performing Asset (NPA) on 31.03.2012. IREDA initiated
…Indian Renewable Energy Development Agency…
Noble Ispat & Energies…