Indian Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Varun Resources Ltd., alleging failure to repay ₹31,28,56,661 along with interest at 13% per annum, with a default date of 05-01-2014. Varun Shipping, initially engaged in the shipping business, availed a term loan of ₹50 crores from Indian Bank in 2010. Varun Shipping was to repay the loan in 16 quarterly installments after a moratorium period. They also executed a statutory mortgage of their vessel 'Maharishi Mahatreya'. Varun Shipping acknowledged its indebtedness of ₹28,99,63,706 as of 26-06-2013. Subsequently, a Scheme of Arrangement of Amalgamation was approved by the Bombay High Court in 2015, where Varun Resources Ltd. took over the shipping business of
…Varun Shipping Company Ltd. (later Varun Shipping) was primarily engaged in the shipping business. Indian Bank sanctioned a term loan of ₹50 crores to Varun Shipping, vide sanction letter dated 30-06-2010. Varun Shipping was to repay the loan in 16 quarterly installments of ₹3,12,50,000 after a moratorium period of 12 months. Varun Shipping executed a statutory mortgage of their vessel 'Maharishi Mahatreya' in favor of Indian Bank. As of 26-06-2013, Varun Shipping acknowledged its indebtedness of ₹28,99,63,706 towards the term loan. The amount became ₹31,28,56,661. A Scheme of Arrangement of Amalgamation was approved by the Bombay High Court on 19-03-2015, where Varun Resources Ltd. took over the shipping business of Varun Shipping. All assets and liabilities of Varun
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Indian Bank sanctioned…
Varun Shipping…
Indian Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Varun Resources Ltd., alleging failure to repay ₹31,28,56,661 along with interest at 13% per annum, with a default date of 05-01-2014. Varun Shipping, initially engaged in the shipping business, availed a term loan of ₹50 crores from Indian Bank in 2010. Varun Shipping was to repay the loan in 16 quarterly installments after a moratorium period. They also executed a statutory mortgage of their vessel 'Maharishi Mahatreya'. Varun Shipping acknowledged its indebtedness of ₹28,99,63,706 as of 26-06-2013. Subsequently, a Scheme of Arrangement of Amalgamation was approved by the Bombay High Court in 2015, where Varun Resources Ltd. took over the shipping business of
…Varun Shipping Company Ltd. (later Varun Shipping) was primarily engaged in the shipping business. Indian Bank sanctioned a term loan of ₹50 crores to Varun Shipping, vide sanction letter dated 30-06-2010. Varun Shipping was to repay the loan in 16 quarterly installments of ₹3,12,50,000 after a moratorium period of 12 months. Varun Shipping executed a statutory mortgage of their vessel 'Maharishi Mahatreya' in favor of Indian Bank. As of 26-06-2013, Varun Shipping acknowledged its indebtedness of ₹28,99,63,706 towards the term loan. The amount became ₹31,28,56,661. A Scheme of Arrangement of Amalgamation was approved by the Bombay High Court on 19-03-2015, where Varun Resources Ltd. took over the shipping business of Varun Shipping. All assets and liabilities of Varun
…Indian Bank sanctioned…
Varun Shipping…