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 Arm Infra & Utilities Private Limited. The principal borrower
…IDBI Bank Limited, the Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Arm Infra & Utilities Private Limited, the Corporate Debtor, claiming a default of Rs. 165,45,83,259/- as of 08.12.2022. The Corporate Debtor provided a guarantee for credit facilities extended by IDBI Bank to Siti Networks Limited (erstwhile Wire and Wireless India Limited), the principal borrower. These facilities included a working capital facility and a term loan facility. The principal borrower defaulted on its obligations, leading IDBI Bank to recall the facilities and invoke the guarantee provided by the Corporate Debtor. The Financial Creditor issued notices to the Borrower on 19 June 2021 & 12th September, 2022 under Section 13(2) and
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Siti Networks Limited…
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 Arm Infra & Utilities Private Limited. The principal borrower
…IDBI Bank Limited, the Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Arm Infra & Utilities Private Limited, the Corporate Debtor, claiming a default of Rs. 165,45,83,259/- as of 08.12.2022. The Corporate Debtor provided a guarantee for credit facilities extended by IDBI Bank to Siti Networks Limited (erstwhile Wire and Wireless India Limited), the principal borrower. These facilities included a working capital facility and a term loan facility. The principal borrower defaulted on its obligations, leading IDBI Bank to recall the facilities and invoke the guarantee provided by the Corporate Debtor. The Financial Creditor issued notices to the Borrower on 19 June 2021 & 12th September, 2022 under Section 13(2) and
…Siti Networks Limited…
Financial Creditor issued a renewal sanction…