Union Bank of India (formerly Corporation Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ansal API Infrastructure Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged default in making a payment of Rs. 11,98,39,698 as of 31.10.2018, comprising Rs. 10,20,60,066 as principal and Rs. 1,77,79,632 as interest. The Corporate Debtor was incorporated on 03.06.2008. The Corporate Debtor had approached PMDO Lenders (Pooled Municipal Debt Obligation) for a loan, which was sanctioned. Various agreements were executed on 05.07.2011, including a Common Loan Agreement (CLA), a Security Trustee Agreement, and a Trust and Retention Account
…Union Bank of India (formerly Corporation Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ansal API Infrastructure Limited. The petition was based on the Corporate Debtor's alleged default in making a payment of Rs. 11,98,39,698 as of 31.10.2018, comprising Rs. 10,20,60,066 as principal and Rs. 1,77,79,632 as interest. The Corporate Debtor was incorporated on 03.06.2008. The Corporate Debtor had approached PMDO Lenders (Pooled Municipal Debt Obligation) for a loan, which was sanctioned, aggregating to Rs. 393.40 Crores vide a sanction letter dated 23.06.2011. Various agreements were executed on 05.07.2011, including a Common Loan Agreement (CLA), a Security
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Ansal API Infrastructure…
A term loan aggregating to Rs. 393.40 Crores…
Union Bank of India (formerly Corporation Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ansal API Infrastructure Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged default in making a payment of Rs. 11,98,39,698 as of 31.10.2018, comprising Rs. 10,20,60,066 as principal and Rs. 1,77,79,632 as interest. The Corporate Debtor was incorporated on 03.06.2008. The Corporate Debtor had approached PMDO Lenders (Pooled Municipal Debt Obligation) for a loan, which was sanctioned. Various agreements were executed on 05.07.2011, including a Common Loan Agreement (CLA), a Security Trustee Agreement, and a Trust and Retention Account
…Union Bank of India (formerly Corporation Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ansal API Infrastructure Limited. The petition was based on the Corporate Debtor's alleged default in making a payment of Rs. 11,98,39,698 as of 31.10.2018, comprising Rs. 10,20,60,066 as principal and Rs. 1,77,79,632 as interest. The Corporate Debtor was incorporated on 03.06.2008. The Corporate Debtor had approached PMDO Lenders (Pooled Municipal Debt Obligation) for a loan, which was sanctioned, aggregating to Rs. 393.40 Crores vide a sanction letter dated 23.06.2011. Various agreements were executed on 05.07.2011, including a Common Loan Agreement (CLA), a Security
…Ansal API Infrastructure…
A term loan aggregating to Rs. 393.40 Crores…