IDBI Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Cheema Paper Mills Pvt. Ltd. The application was filed due to the respondent's default on a Foreign Currency Loan (FCL) agreement and subsequent restructuring attempts. The respondent's liabilities were restructured multiple times, including under a Corporate Debt Restructuring (CDR) scheme, and a One-Time Settlement (OTS) was also attempted but failed. The account was classified as NPA on 31.12.2008.
IDBI Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Cheema Paper Mills Pvt. Ltd. The respondent executed a Foreign Currency Loan (FCL) agreement with the applicant for SF 10.64 million. The corporate debtor approached the applicant for conversion of its Foreign Currency Loan into Single Currency Pool Facility to re-pay the loan in rupee equivalent of the sanctioned facility i.e. SF 10.64 million, which was duly accepted by the Applicant while executing an Amendatory Agreement. The liabilities of the respondent were restructured multiple times, and a Corporate Debt Restructuring (CDR) scheme was implemented in December 2008. The corporate debtor was declared sick by BIFR in December 2010. An OTS
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IDBI Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Cheema Paper Mills Pvt. Ltd. The application was filed due to the respondent's default on a Foreign Currency Loan (FCL) agreement and subsequent restructuring attempts. The respondent's liabilities were restructured multiple times, including under a Corporate Debt Restructuring (CDR) scheme, and a One-Time Settlement (OTS) was also attempted but failed. The account was classified as NPA on 31.12.2008.
IDBI Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Cheema Paper Mills Pvt. Ltd. The respondent executed a Foreign Currency Loan (FCL) agreement with the applicant for SF 10.64 million. The corporate debtor approached the applicant for conversion of its Foreign Currency Loan into Single Currency Pool Facility to re-pay the loan in rupee equivalent of the sanctioned facility i.e. SF 10.64 million, which was duly accepted by the Applicant while executing an Amendatory Agreement. The liabilities of the respondent were restructured multiple times, and a Corporate Debt Restructuring (CDR) scheme was implemented in December 2008. The corporate debtor was declared sick by BIFR in December 2010. An OTS
…The account of the…
The corporate debtor approached the Applicant…