Allahabad Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sai Infosystem (India) Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The bank claimed that the corporate debtor had defaulted on repayment of financial facilities. The application was filed due to the corporate debtor's failure to repay a term loan of Rs. 50.00 Crores, part of a total TL requirement of Rs. 160.00 Crores, sanctioned to finance an Internet Data Centre (IDC) project. The bank had also issued sanction letters in 2012 and 2013 with various terms and conditions. Despite repeated reminders and the issuance of a demand notice under the SARFAESI Act, the corporate debtor failed to make payments, leading to the bank
…Allahabad Bank, acting as the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sai Infosystem (India) Limited, the corporate debtor. The application was based on the corporate debtor's default in repaying financial facilities. The bank had sanctioned a term loan of Rs. 50.00 Crores to the corporate debtor, part of a total requirement of Rs. 160.00 Crores, to finance an Internet Data Centre (IDC) project. The bank issued sanction letters in 2012 and 2013 with specific terms and conditions. Despite repeated reminders and a demand notice under the SARFAESI Act, the corporate debtor failed to make payments. The bank declared the corporate debtor's account as NPA on 21.10.2013. The total outstanding amount due was
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Allahabad Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sai Infosystem (India) Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The bank claimed that the corporate debtor had defaulted on repayment of financial facilities. The application was filed due to the corporate debtor's failure to repay a term loan of Rs. 50.00 Crores, part of a total TL requirement of Rs. 160.00 Crores, sanctioned to finance an Internet Data Centre (IDC) project. The bank had also issued sanction letters in 2012 and 2013 with various terms and conditions. Despite repeated reminders and the issuance of a demand notice under the SARFAESI Act, the corporate debtor failed to make payments, leading to the bank
…Allahabad Bank, acting as the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sai Infosystem (India) Limited, the corporate debtor. The application was based on the corporate debtor's default in repaying financial facilities. The bank had sanctioned a term loan of Rs. 50.00 Crores to the corporate debtor, part of a total requirement of Rs. 160.00 Crores, to finance an Internet Data Centre (IDC) project. The bank issued sanction letters in 2012 and 2013 with specific terms and conditions. Despite repeated reminders and a demand notice under the SARFAESI Act, the corporate debtor failed to make payments. The bank declared the corporate debtor's account as NPA on 21.10.2013. The total outstanding amount due was
…Sanction letter dated…
Applicant Bank issued a…