Axis Bank Limited, the Financial Creditor, filed a Company Petition (CP (IB) No. 282/7/HDB/2017) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the IBC (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sevenhills Healthcare Private Limited, the Corporate Debtor. The Corporate Debtor is in the business of healthcare services. The Financial Creditor had advanced both Bilateral Facilities and Consortium Facilities to Sevenhills. The Corporate Debtor defaulted in making repayments, leading to its account being classified as a Non-Performing Asset. The Financial Creditor sought to invoke the pledge on the bilateral pledged shares, which was challenged by Mr. Jitendra Maganti and Maganti
…Axis Bank Limited, a financial creditor, filed a petition against Sevenhills Healthcare Private Limited, a corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor is engaged in healthcare services. The financial creditor had extended both bilateral and consortium facilities to the corporate debtor. The corporate debtor defaulted in repayments, leading to its account being classified as a non-performing asset (NPA). The outstanding amount as of October 23, 2017, was Rs. 737,58,06,619.20. The financial creditor sought to invoke the pledge on the bilateral pledged shares, which was challenged by the corporate debtor. The matter reached the Supreme Court, which directed the corporate debtor to make payments, but no payment was
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Axis Bank Limited…
Sevenhills Healthcare Private Limited…
Axis Bank Limited, the Financial Creditor, filed a Company Petition (CP (IB) No. 282/7/HDB/2017) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the IBC (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sevenhills Healthcare Private Limited, the Corporate Debtor. The Corporate Debtor is in the business of healthcare services. The Financial Creditor had advanced both Bilateral Facilities and Consortium Facilities to Sevenhills. The Corporate Debtor defaulted in making repayments, leading to its account being classified as a Non-Performing Asset. The Financial Creditor sought to invoke the pledge on the bilateral pledged shares, which was challenged by Mr. Jitendra Maganti and Maganti
…Axis Bank Limited, a financial creditor, filed a petition against Sevenhills Healthcare Private Limited, a corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor is engaged in healthcare services. The financial creditor had extended both bilateral and consortium facilities to the corporate debtor. The corporate debtor defaulted in repayments, leading to its account being classified as a non-performing asset (NPA). The outstanding amount as of October 23, 2017, was Rs. 737,58,06,619.20. The financial creditor sought to invoke the pledge on the bilateral pledged shares, which was challenged by the corporate debtor. The matter reached the Supreme Court, which directed the corporate debtor to make payments, but no payment was
…Axis Bank Limited…
Sevenhills Healthcare Private Limited…