The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Asian Business Connections Private Limited due to a default of Rs. 2769,18,40,353.24. The Financial Creditor had granted various credit facilities to Advantage Overseas Private Limited, the Principal Borrower, which were secured by guarantees from Asian Business Connections Private Limited, the Corporate Debtor. The Corporate Debtor failed to repay the outstanding dues, leading to the filing of the petition.
The State Bank of India (Financial Creditor) extended credit facilities to Advantage Overseas Private Limited (Principal Borrower). These facilities were secured by a corporate guarantee from Asian Business Connections Private Limited (Corporate Debtor). The initial facility was INR 10 crores, later increased to INR 51 crores. Further facilities were sanctioned aggregating to INR 6249.50 Crores. A Revival Letter was executed on 30.11.2017 by both the Personal Borrower and the Corporate Debtor, acknowledging the debt. The Personal Borrower's loan account was classified as NPA on 08.08.2018. The Financial Creditor issued invocation notices on 07.12.2018 and 07.01.2019. O.A. No. 107 of 2019 was filed before the Debts Recovery Tribunal (DRT), Jabalpur. A One Time
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Letter of Arrangement dated 15.03.2013 was…
Letter of Arrangement dated 17.12.2014 was…
The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Asian Business Connections Private Limited due to a default of Rs. 2769,18,40,353.24. The Financial Creditor had granted various credit facilities to Advantage Overseas Private Limited, the Principal Borrower, which were secured by guarantees from Asian Business Connections Private Limited, the Corporate Debtor. The Corporate Debtor failed to repay the outstanding dues, leading to the filing of the petition.
The State Bank of India (Financial Creditor) extended credit facilities to Advantage Overseas Private Limited (Principal Borrower). These facilities were secured by a corporate guarantee from Asian Business Connections Private Limited (Corporate Debtor). The initial facility was INR 10 crores, later increased to INR 51 crores. Further facilities were sanctioned aggregating to INR 6249.50 Crores. A Revival Letter was executed on 30.11.2017 by both the Personal Borrower and the Corporate Debtor, acknowledging the debt. The Personal Borrower's loan account was classified as NPA on 08.08.2018. The Financial Creditor issued invocation notices on 07.12.2018 and 07.01.2019. O.A. No. 107 of 2019 was filed before the Debts Recovery Tribunal (DRT), Jabalpur. A One Time
…Letter of Arrangement dated 15.03.2013 was…
Letter of Arrangement dated 17.12.2014 was…