Canara Bank, as a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against M/s. RMN Infrastructures Ltd (Corporate Debtor/Guarantor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had executed a corporate guarantee for a loan provided by a consortium of banks, led by Canara Bank, to GVRMP Dharwad Ramanagar Tollway Private Limited (the principal borrower). The principal borrower defaulted on its repayments, leading to the loan being classified as a Non-Performing Asset (NPA) on September 29, 2016. Canara Bank pursued recovery actions through the Debt Recovery Tribunal-II (DRT-II), Chennai, obtaining an order on April 21, 2021, and a Recovery Certificate on February 8, 2022,
…Canara Bank, as a financial creditor, filed a petition under Section 7 of the IBC, 2016, against M/s. RMN Infrastructures Ltd (Corporate Debtor/Guarantor).
The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
Canara Bank, along with a consortium of banks, provided financial assistance to GVRMP Dharwad Ramanagar Tollway Private Limited (the principal borrower).
M/s. RMN Infrastructures Ltd executed a Deed of Guarantee on March 16, 2011, acting as a Corporate Guarantor for the principal borrower's loan.
The principal borrower defaulted on loan repayments, leading to the loan being classified as a Non-Performing Asset (NPA) on September 29, 2016.
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M/s. RMN Infrastructures Ltd executed a Deed of…
The loan account of the principal borrower,…
Canara Bank, as a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against M/s. RMN Infrastructures Ltd (Corporate Debtor/Guarantor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had executed a corporate guarantee for a loan provided by a consortium of banks, led by Canara Bank, to GVRMP Dharwad Ramanagar Tollway Private Limited (the principal borrower). The principal borrower defaulted on its repayments, leading to the loan being classified as a Non-Performing Asset (NPA) on September 29, 2016. Canara Bank pursued recovery actions through the Debt Recovery Tribunal-II (DRT-II), Chennai, obtaining an order on April 21, 2021, and a Recovery Certificate on February 8, 2022,
…Canara Bank, as a financial creditor, filed a petition under Section 7 of the IBC, 2016, against M/s. RMN Infrastructures Ltd (Corporate Debtor/Guarantor).
The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
Canara Bank, along with a consortium of banks, provided financial assistance to GVRMP Dharwad Ramanagar Tollway Private Limited (the principal borrower).
M/s. RMN Infrastructures Ltd executed a Deed of Guarantee on March 16, 2011, acting as a Corporate Guarantor for the principal borrower's loan.
The principal borrower defaulted on loan repayments, leading to the loan being classified as a Non-Performing Asset (NPA) on September 29, 2016.
…M/s. RMN Infrastructures Ltd executed a Deed of…
The loan account of the principal borrower,…