The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Sundaram BNP Paribas Home Finance Limited (Financial Creditor) against Wayne Burt Aerospace Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a sum of Rs.3,85,63,843/- against the Corporate Debtor, whose account was classified as Non-Performing Asset (NPA) on 31.07.2018. The Corporate Debtor argued financial difficulties due to recession and lack of strategic investments, proposing a One Time Settlement (OTS), which the Financial Creditor did not accept.
Sundaram BNP Paribas Home Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wayne Burt Aerospace Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a debt of Rs.3,85,63,843/-. The Corporate Debtor's account was classified as NPA on 31.07.2018. A loan agreement dated 17.06.2016 was in place, where the Financial Creditor sanctioned Rs.4,00,00,000/- to the Corporate Debtor. The Corporate Debtor was obligated to pay Rs.6,45,340/- per month for 120 months at 15% p.a. Mr. TGS Mahesh stood as guarantor. The Corporate Debtor executed a Memorandum of Deposit of Title Deeds. The Corporate Debtor failed to repay its
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Loan Agreement executed…
Account of Corporate…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Sundaram BNP Paribas Home Finance Limited (Financial Creditor) against Wayne Burt Aerospace Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a sum of Rs.3,85,63,843/- against the Corporate Debtor, whose account was classified as Non-Performing Asset (NPA) on 31.07.2018. The Corporate Debtor argued financial difficulties due to recession and lack of strategic investments, proposing a One Time Settlement (OTS), which the Financial Creditor did not accept.
Sundaram BNP Paribas Home Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wayne Burt Aerospace Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a debt of Rs.3,85,63,843/-. The Corporate Debtor's account was classified as NPA on 31.07.2018. A loan agreement dated 17.06.2016 was in place, where the Financial Creditor sanctioned Rs.4,00,00,000/- to the Corporate Debtor. The Corporate Debtor was obligated to pay Rs.6,45,340/- per month for 120 months at 15% p.a. Mr. TGS Mahesh stood as guarantor. The Corporate Debtor executed a Memorandum of Deposit of Title Deeds. The Corporate Debtor failed to repay its
…Loan Agreement executed…
Account of Corporate…