Andhra Bank initiated Corporate Insolvency Resolution Process (CIRP) against Provogue (India) Limited, the Corporate Debtor, due to defaults in repayment of financial assistance. The default occurred from 2017-07-31 onwards. Andhra Bank sought to recover Rs. 86,67,06,572/- under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had credit facilities from a consortium of lenders led by Andhra Bank since 2003. The Corporate Debtor executed a Composite Agreement dated 2015-11-02 in favor of Andhra Bank. The Corporate Debtor also executed an 11th Supplemental Joint Deed of Hypothecation dated 2017-07-24 in favor of the Consortium Banks for an amount not exceeding Rs. 166.53 crores. Andhra Bank issued a recall letter on 2018-03-31, demanding Rs.

Andhra Bank initiated Corporate Insolvency Resolution Process (CIRP) against Provogue (India) Limited, the Corporate Debtor, due to defaults in repayment of financial assistance. The default occurred from 2017-07-31 onwards. Andhra Bank sought to recover Rs. 86,67,06,572/- under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had credit facilities from a consortium of lenders led by Andhra Bank since 2003. The Corporate Debtor executed a Composite Agreement dated 2015-11-02 in favor of Andhra Bank. The Corporate Debtor also executed an 11th Supplemental Joint Deed of Hypothecation dated 2017-07-24 in favor of the Consortium Banks for an amount not exceeding Rs. 166.53 crores. Andhra Bank issued a recall letter on 2018-03-31, demanding Rs.