Doha Bank Q.P.S.C., a financial creditor of Reliance Infratel Limited (Corporate Debtor), filed an application to declare certain corporate guarantees as fraudulent and preferential transactions, seeking to set them aside and reconstitute the Committee of Creditors (CoC) by removing Respondent Nos. 2 to 7. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated on 15.05.2018, with Manish Dhirajlal Kaneria appointed as Interim Resolution Professional (IRP). The IRP invited claims from creditors, but certain shareholders challenged the admission order before the NCLAT, which initially stayed the order but later allowed the withdrawal of the appeal, directing the Tribunal to proceed with the matter. The CIRP was resumed, and a fresh public
…Doha Bank Q.P.S.C., part of a consortium of banks, extended a USD 250 million loan to Reliance Infratel Limited (RITL) under an agreement dated 19/03/2010. The repayment date was extended multiple times, with USD 199 million outstanding as of 29/05/2019. RITL is a subsidiary of Reliance Communications Limited (RCOM). RCOM and Reliance Telecom Limited (RTL) availed Rupee Loan Facilities from a consortium of banks, including Respondent Nos. 2 to 7. RITL executed Deeds of Guarantee in favor of the consortium lenders, securing the Rupee Loan Facilities granted to RCOM and RTL. RCOM and RTL defaulted on repayments, leading the Security Trustee to invoke the Corporate Guarantees. Doha Bank objected to the invocation, claiming the guarantees breached the facility agreement.
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Doha Bank Q.P.S.C. extended a foreign currency…
The Consortium extended…
Doha Bank Q.P.S.C., a financial creditor of Reliance Infratel Limited (Corporate Debtor), filed an application to declare certain corporate guarantees as fraudulent and preferential transactions, seeking to set them aside and reconstitute the Committee of Creditors (CoC) by removing Respondent Nos. 2 to 7. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated on 15.05.2018, with Manish Dhirajlal Kaneria appointed as Interim Resolution Professional (IRP). The IRP invited claims from creditors, but certain shareholders challenged the admission order before the NCLAT, which initially stayed the order but later allowed the withdrawal of the appeal, directing the Tribunal to proceed with the matter. The CIRP was resumed, and a fresh public
…Doha Bank Q.P.S.C., part of a consortium of banks, extended a USD 250 million loan to Reliance Infratel Limited (RITL) under an agreement dated 19/03/2010. The repayment date was extended multiple times, with USD 199 million outstanding as of 29/05/2019. RITL is a subsidiary of Reliance Communications Limited (RCOM). RCOM and Reliance Telecom Limited (RTL) availed Rupee Loan Facilities from a consortium of banks, including Respondent Nos. 2 to 7. RITL executed Deeds of Guarantee in favor of the consortium lenders, securing the Rupee Loan Facilities granted to RCOM and RTL. RCOM and RTL defaulted on repayments, leading the Security Trustee to invoke the Corporate Guarantees. Doha Bank objected to the invocation, claiming the guarantees breached the facility agreement.
…Doha Bank Q.P.S.C. extended a foreign currency…
The Consortium extended…