Indian Bank (formerly Allahabad Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Agson Global Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The bank, as a member of a consortium of 11 banks, had extended credit facilities to the corporate debtor. The corporate debtor defaulted on repayment, leading to the application before the NCLT.
Indian Bank (formerly Allahabad Bank), a member of a consortium of 11 banks, extended credit facilities to Agson Global Private Limited. The total credit facility extended by the applicant was Rs. 29.40 Cr (Fund based Rs. 15.40 Cr. and Non-Fund based Rs. 14 Cr.). The applicant also extended the credit facility by issuing LC. The cash credit facility extended by the applicant to the corporate debtor was Rs. 24.60 Cr. and the LC facility was Rs. 24.50 Cr. The term loan facility extended by the applicant to the corporate debtor was Rs. 29.40 Cr. vide letter dated 01.02.2018. Subsequently on 24.06.2019 the facility was enhanced to Rs. 33.60 Cr. On review-cum-enhancement of existing worth capital limit, the term loan was enhanced to Rs.48.60 Cr. The corporate debtor
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Agson Global…
Term loan facility of…
Indian Bank (formerly Allahabad Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Agson Global Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The bank, as a member of a consortium of 11 banks, had extended credit facilities to the corporate debtor. The corporate debtor defaulted on repayment, leading to the application before the NCLT.
Indian Bank (formerly Allahabad Bank), a member of a consortium of 11 banks, extended credit facilities to Agson Global Private Limited. The total credit facility extended by the applicant was Rs. 29.40 Cr (Fund based Rs. 15.40 Cr. and Non-Fund based Rs. 14 Cr.). The applicant also extended the credit facility by issuing LC. The cash credit facility extended by the applicant to the corporate debtor was Rs. 24.60 Cr. and the LC facility was Rs. 24.50 Cr. The term loan facility extended by the applicant to the corporate debtor was Rs. 29.40 Cr. vide letter dated 01.02.2018. Subsequently on 24.06.2019 the facility was enhanced to Rs. 33.60 Cr. On review-cum-enhancement of existing worth capital limit, the term loan was enhanced to Rs.48.60 Cr. The corporate debtor
…Agson Global…
Term loan facility of…