This case involves an application filed by IDBI Bank Limited, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Arm Infra & Utilities Private Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 165,45,83,259/- as of 08.12.2022. The Corporate Debtor is engaged in building infrastructure for energy, telecommunications, transportation, and utilities. The Financial Creditor had provided working capital and term loan facilities to Siti Networks Limited (erstwhile Wire and Wireless India Limited), the principal borrower, which were secured by a guarantee from the Corporate Debtor. The borrower defaulted on its obligations,
…IDBI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arm Infra & Utilities Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 165,45,83,259 as of December 8, 2022. The Corporate Debtor provided a guarantee for credit facilities extended by IDBI Bank to Siti Networks Limited (Borrower). The Borrower defaulted on its obligations under the Working Capital Facility and Term Loan Facility. IDBI Bank issued notices to the Borrower and Corporate Debtor demanding payment. The Borrower's account was classified as a Non-Performing Asset (NPA) on December 29, 2019. IDBI Bank invoked the guarantee provided by
…Sign in to view the parties.
Siti Networks Limited (Borrower) approached…
Financial Creditor issued a renewal sanction…
This case involves an application filed by IDBI Bank Limited, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Arm Infra & Utilities Private Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 165,45,83,259/- as of 08.12.2022. The Corporate Debtor is engaged in building infrastructure for energy, telecommunications, transportation, and utilities. The Financial Creditor had provided working capital and term loan facilities to Siti Networks Limited (erstwhile Wire and Wireless India Limited), the principal borrower, which were secured by a guarantee from the Corporate Debtor. The borrower defaulted on its obligations,
…IDBI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arm Infra & Utilities Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 165,45,83,259 as of December 8, 2022. The Corporate Debtor provided a guarantee for credit facilities extended by IDBI Bank to Siti Networks Limited (Borrower). The Borrower defaulted on its obligations under the Working Capital Facility and Term Loan Facility. IDBI Bank issued notices to the Borrower and Corporate Debtor demanding payment. The Borrower's account was classified as a Non-Performing Asset (NPA) on December 29, 2019. IDBI Bank invoked the guarantee provided by
…Siti Networks Limited (Borrower) approached…
Financial Creditor issued a renewal sanction…