SREI Infrastructure Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Alstrong Enterprises India Private Limited, the Corporate Debtor. The application was based on a default in repayment of a loan facility. The Corporate Debtor raised several defenses, including the transfer of the loan account to SREI Equipment Finance Limited, the lack of disbursement to the Corporate Debtor, and the application being barred by Section 10A of the IBC. The Adjudicating Authority considered the arguments of both parties and examined the documents on record.
SREI Infrastructure Finance Limited (SREI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Alstrong Enterprises India Private Limited (Alstrong). SREI claimed a default of Rs. 104,97,68,105/- as of 06.02.2020. SREI had granted a loan facility of Rs. 100,00,00,000/- to Alstrong and Worlds Window Infrastructure & Logistics Pvt. Ltd. (WWILPL). The loan agreement, dated 07.07.2018, identified both Alstrong and WWILPL as 'Borrowers', making them jointly and severally liable. Alstrong's financial statements for the period ended 31st March 2019 disclosed that it was a co-borrower for the loan taken by WWILPL. SREI disbursed the loan in three tranches: Rs. 40 crores on
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Common Loan Agreement No. SRE 760 was…
SREI Infrastructure Finance Limited…
SREI Infrastructure Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Alstrong Enterprises India Private Limited, the Corporate Debtor. The application was based on a default in repayment of a loan facility. The Corporate Debtor raised several defenses, including the transfer of the loan account to SREI Equipment Finance Limited, the lack of disbursement to the Corporate Debtor, and the application being barred by Section 10A of the IBC. The Adjudicating Authority considered the arguments of both parties and examined the documents on record.
SREI Infrastructure Finance Limited (SREI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Alstrong Enterprises India Private Limited (Alstrong). SREI claimed a default of Rs. 104,97,68,105/- as of 06.02.2020. SREI had granted a loan facility of Rs. 100,00,00,000/- to Alstrong and Worlds Window Infrastructure & Logistics Pvt. Ltd. (WWILPL). The loan agreement, dated 07.07.2018, identified both Alstrong and WWILPL as 'Borrowers', making them jointly and severally liable. Alstrong's financial statements for the period ended 31st March 2019 disclosed that it was a co-borrower for the loan taken by WWILPL. SREI disbursed the loan in three tranches: Rs. 40 crores on
…Common Loan Agreement No. SRE 760 was…
SREI Infrastructure Finance Limited…