IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Amzen Transportation Industries Private Limited, referred to as the corporate debtor. The application was filed due to the corporate debtor's default in repaying a term loan facility of Rs. 130 Crore sanctioned on 04.02.2010, with a modification letter dated 16.03.2010. The account was classified as NPA on 29.06.2016, and a loan recall notice was issued on 28.09.2016. The applicant initiated proceedings under Section 13(2) of the SARFAESI Act, 2002, and filed an Original Application before the Debt Recovery Tribunal for recovery of Rs. 105,99,74,991.70/-.
IDBI Bank Limited sanctioned a term loan facility of Rs. 130 Crore to Amzen Transportation Industries Private Limited on 04.02.2010, with modifications on 16.03.2010. The loan agreement was executed on 17.03.2010. The corporate debtor defaulted on repayment, leading to the account being classified as NPA on 29.06.2016. A loan recall notice was issued on 28.09.2016. IDBI Bank initiated proceedings under Section 13(2) of the SARFAESI Act, 2002, and filed an Original Application before the Debt Recovery Tribunal on 17.02.2017, seeking recovery of Rs. 105,99,74,991.70/-. The corporate debtor made several payments towards the outstanding dues after the NPA declaration, specifically between 05.11.2018 and 02.09.2019, acknowledging the debt in letters issued during that
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IDBI Bank sanctioned a term loan facility of…
Modification letter…
IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Amzen Transportation Industries Private Limited, referred to as the corporate debtor. The application was filed due to the corporate debtor's default in repaying a term loan facility of Rs. 130 Crore sanctioned on 04.02.2010, with a modification letter dated 16.03.2010. The account was classified as NPA on 29.06.2016, and a loan recall notice was issued on 28.09.2016. The applicant initiated proceedings under Section 13(2) of the SARFAESI Act, 2002, and filed an Original Application before the Debt Recovery Tribunal for recovery of Rs. 105,99,74,991.70/-.
IDBI Bank Limited sanctioned a term loan facility of Rs. 130 Crore to Amzen Transportation Industries Private Limited on 04.02.2010, with modifications on 16.03.2010. The loan agreement was executed on 17.03.2010. The corporate debtor defaulted on repayment, leading to the account being classified as NPA on 29.06.2016. A loan recall notice was issued on 28.09.2016. IDBI Bank initiated proceedings under Section 13(2) of the SARFAESI Act, 2002, and filed an Original Application before the Debt Recovery Tribunal on 17.02.2017, seeking recovery of Rs. 105,99,74,991.70/-. The corporate debtor made several payments towards the outstanding dues after the NPA declaration, specifically between 05.11.2018 and 02.09.2019, acknowledging the debt in letters issued during that
…IDBI Bank sanctioned a term loan facility of…
Modification letter…