The International Finance Corporation filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Punj Llyod Upstream Limited, referred to as the 'Corporate Debtor'. The Corporate Debtor is registered under the Companies Act, 1956, incorporated on April 4, 2007. A loan agreement dated June 6, 2008, was entered into between the Financial Creditor and the Corporate Debtor for a grant of USD 25,000,000, guaranteed by Punj Lloyd Limited. The loan was to be disbursed in two tranches, with the first tranche of USD 12,500,000 drawn on November 19, 2008, and April 2, 2009. The second tranche was formally cancelled on March 19, 2015. The Corporate Insolvency Resolution Process was initiated against the
…International Finance Corporation (IFC) extended loan facilities to Punj Llyod Upstream Limited (PLUL), the Corporate Debtor. The loan agreement was dated June 6, 2008, for USD 25,000,000. Punj Lloyd Limited (PLL) acted as the guarantor for the loan. The loan was to be disbursed in two tranches. The first tranche of USD 12,500,000 was drawn on November 19, 2008, and April 2, 2009. The second tranche was cancelled on March 19, 2015, at the request of the Corporate Debtor. PLL, the guarantor, is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by ICICI Bank Limited. IFC also filed a petition against PLL, which was disposed of due to the ongoing CIRP. IFC lodged its claim with the IRP of PLL. The total amount in default as of September 17, 2018, was USD
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Punj Llyod Upstream…
International Finance Corporation and Punj…
The International Finance Corporation filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Punj Llyod Upstream Limited, referred to as the 'Corporate Debtor'. The Corporate Debtor is registered under the Companies Act, 1956, incorporated on April 4, 2007. A loan agreement dated June 6, 2008, was entered into between the Financial Creditor and the Corporate Debtor for a grant of USD 25,000,000, guaranteed by Punj Lloyd Limited. The loan was to be disbursed in two tranches, with the first tranche of USD 12,500,000 drawn on November 19, 2008, and April 2, 2009. The second tranche was formally cancelled on March 19, 2015. The Corporate Insolvency Resolution Process was initiated against the
…International Finance Corporation (IFC) extended loan facilities to Punj Llyod Upstream Limited (PLUL), the Corporate Debtor. The loan agreement was dated June 6, 2008, for USD 25,000,000. Punj Lloyd Limited (PLL) acted as the guarantor for the loan. The loan was to be disbursed in two tranches. The first tranche of USD 12,500,000 was drawn on November 19, 2008, and April 2, 2009. The second tranche was cancelled on March 19, 2015, at the request of the Corporate Debtor. PLL, the guarantor, is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by ICICI Bank Limited. IFC also filed a petition against PLL, which was disposed of due to the ongoing CIRP. IFC lodged its claim with the IRP of PLL. The total amount in default as of September 17, 2018, was USD
…Punj Llyod Upstream…
International Finance Corporation and Punj…