The case pertains to an application filed by Indian Bank (erstwhile Allahabad Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against OCL Iron and Steel Limited. The application was filed due to the corporate debtor's default in repayment of a term loan. The financial creditor claimed a default amount of ₹190,05,58,508/- as of 06.03.2020, including principal and interest.
Indian Bank (erstwhile Allahabad Bank) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against OCL Iron and Steel Limited. The financial creditor sought to recover a debt of ₹190,05,58,508/- including principal and interest as of 06.03.2020. The corporate debtor had approached the financial creditor for a loan of ₹200 Crore for manufacturing steel items and generating power. The loan was sanctioned on 20.08.2010. The corporate debtor agreed to create securities, including an equitable mortgage of immovable properties and hypothecation of movable assets. The corporate debtor executed a promissory note and a term loan agreement on 20.09.2010. The term loan was reviewed and
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Loan of ₹200…
Corporate Debtor…
The case pertains to an application filed by Indian Bank (erstwhile Allahabad Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against OCL Iron and Steel Limited. The application was filed due to the corporate debtor's default in repayment of a term loan. The financial creditor claimed a default amount of ₹190,05,58,508/- as of 06.03.2020, including principal and interest.
Indian Bank (erstwhile Allahabad Bank) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against OCL Iron and Steel Limited. The financial creditor sought to recover a debt of ₹190,05,58,508/- including principal and interest as of 06.03.2020. The corporate debtor had approached the financial creditor for a loan of ₹200 Crore for manufacturing steel items and generating power. The loan was sanctioned on 20.08.2010. The corporate debtor agreed to create securities, including an equitable mortgage of immovable properties and hypothecation of movable assets. The corporate debtor executed a promissory note and a term loan agreement on 20.09.2010. The term loan was reviewed and
…Loan of ₹200…
Corporate Debtor…