Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Varia Engineering Works Private Limited. Bank of Baroda had sanctioned various credit facilities to Varia Engineering Works, which were restructured under a Master Restructuring Agreement (MRA) dated March 31, 2015. The Corporate Debtor defaulted on these facilities, leading to the application for CIRP.
Bank of Baroda, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Varia Engineering Works Private Limited, the corporate debtor. The bank had sanctioned various credit facilities to the corporate debtor, which were restructured under a Master Restructuring Agreement (MRA) dated March 31, 2015. These facilities included rupee term loans, working capital term loans, and a funded interest term loan. The corporate debtor defaulted on these facilities. The total amount in default as of June 30, 2017, was Rs. 86,57,27,647.15. The first date of default varied for different facilities, generally occurring in March 2016 or February 2016. The financial
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Bank of Baroda and Varia Engineering Works…
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Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Varia Engineering Works Private Limited. Bank of Baroda had sanctioned various credit facilities to Varia Engineering Works, which were restructured under a Master Restructuring Agreement (MRA) dated March 31, 2015. The Corporate Debtor defaulted on these facilities, leading to the application for CIRP.
Bank of Baroda, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Varia Engineering Works Private Limited, the corporate debtor. The bank had sanctioned various credit facilities to the corporate debtor, which were restructured under a Master Restructuring Agreement (MRA) dated March 31, 2015. These facilities included rupee term loans, working capital term loans, and a funded interest term loan. The corporate debtor defaulted on these facilities. The total amount in default as of June 30, 2017, was Rs. 86,57,27,647.15. The first date of default varied for different facilities, generally occurring in March 2016 or February 2016. The financial
…Bank of Baroda and Varia Engineering Works…
The first date of…