Indian Overseas Bank filed a Company Petition (IB/39/2021) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Adilabad Expressway Pvt Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) due to non-payment of a debt amounting to Rs. 89.77 Crores. The Corporate Debtor is a concessionaire for the Adilabad Expressway Project, an annuity-based Built-Operate-Transfer (BOT) project of the National Highway Authority of India (NHAI). The Corporate Debtor's debt servicing ability was allegedly impacted due to the Applicant's refusal to adhere to the rules of consortium banking and the agreement reached by all the consortium lenders in the Lenders consortium. The Corporate Debtor argued that the Applicant Bank was part of a Joint
…Indian Overseas Bank (IOB), the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Adilabad Expressway Pvt Ltd, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The claim was based on an alleged default of Rs. 89.77 Crores. The Corporate Debtor is a concessionaire for the Adilabad Expressway Project, an annuity-based Built-Operate-Transfer (BOT) project of the National Highway Authority of India (NHAI). The Corporate Debtor argued that its debt servicing ability was impacted due to the Applicant's refusal to adhere to the rules of consortium banking and the agreement reached by all the consortium lenders in the Lenders consortium. The Corporate Debtor was part of a
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Company Petition…
Adilabad Expressway Pvt Ltd incorporated…
Indian Overseas Bank filed a Company Petition (IB/39/2021) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Adilabad Expressway Pvt Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) due to non-payment of a debt amounting to Rs. 89.77 Crores. The Corporate Debtor is a concessionaire for the Adilabad Expressway Project, an annuity-based Built-Operate-Transfer (BOT) project of the National Highway Authority of India (NHAI). The Corporate Debtor's debt servicing ability was allegedly impacted due to the Applicant's refusal to adhere to the rules of consortium banking and the agreement reached by all the consortium lenders in the Lenders consortium. The Corporate Debtor argued that the Applicant Bank was part of a Joint
…Indian Overseas Bank (IOB), the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Adilabad Expressway Pvt Ltd, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The claim was based on an alleged default of Rs. 89.77 Crores. The Corporate Debtor is a concessionaire for the Adilabad Expressway Project, an annuity-based Built-Operate-Transfer (BOT) project of the National Highway Authority of India (NHAI). The Corporate Debtor argued that its debt servicing ability was impacted due to the Applicant's refusal to adhere to the rules of consortium banking and the agreement reached by all the consortium lenders in the Lenders consortium. The Corporate Debtor was part of a
…Company Petition…
Adilabad Expressway Pvt Ltd incorporated…