State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking Corporate Insolvency Resolution Process (CIRP) against Techno Electronics Limited, the 'Corporate Debtor'. The petition was based on the Corporate Debtor's default in repayment of various facilities granted by State Bank of India and its associate banks. The Corporate Debtor was a co-obligor to a Rupee Term Loan agreement entered into between consortium banks including SBI, Videocon Industries Limited and its 12 group companies. The petitioner claimed that the Corporate Debtor defaulted on 31.01.2017 to the extent of Rs. 456.90 crores under the Rupee Term Loan Agreement and also committed default under the SBI Working Capital Facility Agreement on 30.04.2017 to the
…State Bank of India (SBI) and its associate banks granted various credit facilities to Techno Electronics Limited (Corporate Debtor). The Corporate Debtor defaulted on 31.01.2017 to the extent of Rs. 456.90 crores under the Rupee Term Loan Agreement and also committed default under the SBI Working Capital Facility Agreement on 30.04.2017 to the extent of Rs. 14.15 crores, thereby the entire outstanding amount of Rs. 3207.52 crores becoming payable immediately. SBI, along with its associate banks, had entered into a Rupee Facility Agreement on 31.05.2010 as amended by the Agreement of Modification dated 30.08.2010 with Videocon Telecommunications Limited (VTL). The Corporate Debtor was a co-obligor to a Rupee Term Loan agreement entered into between consortium banks
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Corporate Debtor defaulted in making payments…
Account of Videocon Industries Limited was…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking Corporate Insolvency Resolution Process (CIRP) against Techno Electronics Limited, the 'Corporate Debtor'. The petition was based on the Corporate Debtor's default in repayment of various facilities granted by State Bank of India and its associate banks. The Corporate Debtor was a co-obligor to a Rupee Term Loan agreement entered into between consortium banks including SBI, Videocon Industries Limited and its 12 group companies. The petitioner claimed that the Corporate Debtor defaulted on 31.01.2017 to the extent of Rs. 456.90 crores under the Rupee Term Loan Agreement and also committed default under the SBI Working Capital Facility Agreement on 30.04.2017 to the
…State Bank of India (SBI) and its associate banks granted various credit facilities to Techno Electronics Limited (Corporate Debtor). The Corporate Debtor defaulted on 31.01.2017 to the extent of Rs. 456.90 crores under the Rupee Term Loan Agreement and also committed default under the SBI Working Capital Facility Agreement on 30.04.2017 to the extent of Rs. 14.15 crores, thereby the entire outstanding amount of Rs. 3207.52 crores becoming payable immediately. SBI, along with its associate banks, had entered into a Rupee Facility Agreement on 31.05.2010 as amended by the Agreement of Modification dated 30.08.2010 with Videocon Telecommunications Limited (VTL). The Corporate Debtor was a co-obligor to a Rupee Term Loan agreement entered into between consortium banks
…Corporate Debtor defaulted in making payments…
Account of Videocon Industries Limited was…