The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by State Bank of India (Financial Creditor) against M/s. Techno Kart India Limited (Corporate Debtor/Co-obligor). The Financial Creditor filed Form No. 1 under Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, invoking Section 7 of the Code. The Corporate Debtor is a co-obligor of Videocon Industries Limited (VIL), which is the principal borrower. The loan facilities to VIL turned into Non-Performing Assets (NPA) on 30.04.2017. The Financial Creditor has also filed insolvency petitions against other co-obligors of VIL.
State Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Techno Kart India Limited, the Corporate Debtor/Co-obligor. The Corporate Debtor is a co-obligor of Videocon Industries Limited (VIL). VIL is the principal borrower. The Financial Creditor sanctioned and disbursed loan facilities to VIL, with the Corporate Debtor acting as a co-obligor under a Rupee Term Loan Agreement (RTL) dated 08.08.2012. The account of VIL turned into Non-Performing Assets (NPA) on 30.04.2017. The total amount of debt in default was ₹456.90 Crores as on 31.12.2017. The Financial Creditor has also filed insolvency petitions against other co-obligors of VIL. The petition against the principal borrower, VIL, was
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Rupee Term Loan Agreement (RTL) was signed…
The account of Videocon…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by State Bank of India (Financial Creditor) against M/s. Techno Kart India Limited (Corporate Debtor/Co-obligor). The Financial Creditor filed Form No. 1 under Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, invoking Section 7 of the Code. The Corporate Debtor is a co-obligor of Videocon Industries Limited (VIL), which is the principal borrower. The loan facilities to VIL turned into Non-Performing Assets (NPA) on 30.04.2017. The Financial Creditor has also filed insolvency petitions against other co-obligors of VIL.
State Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Techno Kart India Limited, the Corporate Debtor/Co-obligor. The Corporate Debtor is a co-obligor of Videocon Industries Limited (VIL). VIL is the principal borrower. The Financial Creditor sanctioned and disbursed loan facilities to VIL, with the Corporate Debtor acting as a co-obligor under a Rupee Term Loan Agreement (RTL) dated 08.08.2012. The account of VIL turned into Non-Performing Assets (NPA) on 30.04.2017. The total amount of debt in default was ₹456.90 Crores as on 31.12.2017. The Financial Creditor has also filed insolvency petitions against other co-obligors of VIL. The petition against the principal borrower, VIL, was
…Rupee Term Loan Agreement (RTL) was signed…
The account of Videocon…