State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Barasat-Krishnagar Expressways Limited, alleging default in payment of financial debt. The corporate debtor was undertaking the project of implementation of four laning of existing 2 lane road stretch from Barasat - Krishnagar section of National Highway-34. The lenders formed into a consortium led by Oriental Bank of Commerce and sanctioned term loan facilities of Rs.705.60 crores for the purpose of execution of the project. The financial creditor contended that the corporate debtor failed to repay the outstanding loan as per the terms of the Common Loan Agreement. The corporate debtor argued that the
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Barasat-Krishnagar Expressways Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 24.03.2011 to undertake the project of implementation of four laning of existing 2 lane road stretch from Barasat - Krishnagar section of National Highway-34. The Corporate Debtor approached various lenders, including SBI and other banks, for financial assistance. A consortium of lenders led by Oriental Bank of Commerce sanctioned term loan facilities of Rs.705.60 crores. The Corporate Debtor executed a Common Loan Agreement dated 26.09.2011 with all lenders. The
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Barasat-Krishnagar Expressways Limited was…
The Corporate Debtor executed a Common Loan…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Barasat-Krishnagar Expressways Limited, alleging default in payment of financial debt. The corporate debtor was undertaking the project of implementation of four laning of existing 2 lane road stretch from Barasat - Krishnagar section of National Highway-34. The lenders formed into a consortium led by Oriental Bank of Commerce and sanctioned term loan facilities of Rs.705.60 crores for the purpose of execution of the project. The financial creditor contended that the corporate debtor failed to repay the outstanding loan as per the terms of the Common Loan Agreement. The corporate debtor argued that the
…State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Barasat-Krishnagar Expressways Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 24.03.2011 to undertake the project of implementation of four laning of existing 2 lane road stretch from Barasat - Krishnagar section of National Highway-34. The Corporate Debtor approached various lenders, including SBI and other banks, for financial assistance. A consortium of lenders led by Oriental Bank of Commerce sanctioned term loan facilities of Rs.705.60 crores. The Corporate Debtor executed a Common Loan Agreement dated 26.09.2011 with all lenders. The
…Barasat-Krishnagar Expressways Limited was…
The Corporate Debtor executed a Common Loan…