Canara Bank, as the financial creditor, filed a company petition under section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BBT Elevated Road Private Limited (the corporate debtor) due to a default in repayment of a financial debt amounting to Rs. 174,43,08,341.52.
Canara Bank, formerly Syndicate Bank, filed a company petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against BBT Elevated Road Private Limited (the corporate debtor). The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a financial debt default. The total financial debt claimed by Canara Bank as of October 31, 2022, was Rs. 174,43,08,341.52. The corporate debtor was incorporated on February 19, 2014, and had entered into a Concession Agreement with the Kolkata Metropolitan Development Authority (KMDA) on May 28, 2014, for an elevated road project. The financial creditor granted a loan facility of Rs. 135 crore on January 17, 2015, to part-finance this infrastructure project. A Facility Agreement was executed
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Corporate Debtor entered into a Concession…
Financial Creditor…
Canara Bank, as the financial creditor, filed a company petition under section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BBT Elevated Road Private Limited (the corporate debtor) due to a default in repayment of a financial debt amounting to Rs. 174,43,08,341.52.
Canara Bank, formerly Syndicate Bank, filed a company petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against BBT Elevated Road Private Limited (the corporate debtor). The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a financial debt default. The total financial debt claimed by Canara Bank as of October 31, 2022, was Rs. 174,43,08,341.52. The corporate debtor was incorporated on February 19, 2014, and had entered into a Concession Agreement with the Kolkata Metropolitan Development Authority (KMDA) on May 28, 2014, for an elevated road project. The financial creditor granted a loan facility of Rs. 135 crore on January 17, 2015, to part-finance this infrastructure project. A Facility Agreement was executed
…Corporate Debtor entered into a Concession…
Financial Creditor…