The case involves a petition filed by Omkara Asset Reconstruction Private Limited (the Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Chemstar Organics (India) Limited (the Corporate Debtor). The Corporate Debtor had availed credit facilities from Gujarat Industrial Investment Corporation Limited (GIIC) and defaulted on repayments. GIIC assigned its loan to Omkara Asset Reconstruction Private Limited. A One Time Settlement (OTS) was proposed and partially executed, but disputes arose regarding interest payments and the revocation of the OTS. The Financial Creditor claimed default, while the Corporate Debtor argued that the default fell within the prohibited period under
…Chemstar Organics (India) Limited (Corporate Debtor) availed credit facilities of Rs. 5 crores from Gujarat Industrial Investment Corporation Limited (GIIC) under a loan agreement dated 06.10.1997. The loan was to be repaid in 20 equal quarterly installments of Rs. 15 lakhs. A supplemental loan agreement was executed on 18.07.1998, where GIIC cancelled and recalled Rs. 2 crores out of Rs. 5 crores, keeping the repayment period the same for the remaining amount of Rs. 3 crores. GIIC, in consortium with Bank of Baroda, sanctioned and disbursed term loan facilities of Rs. 2 crores and Rs. 1.95 crores. A joint Equitable Mortgage was created in favor of GIIC and Bank of Baroda on 28.07.1998 and 01.07.1999. The Corporate Debtor defaulted in repayment, and the account was
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Chemstar Organics (India) Limited availed…
GIIC cancelled and recalled Rs. 2 crores out…
The case involves a petition filed by Omkara Asset Reconstruction Private Limited (the Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Chemstar Organics (India) Limited (the Corporate Debtor). The Corporate Debtor had availed credit facilities from Gujarat Industrial Investment Corporation Limited (GIIC) and defaulted on repayments. GIIC assigned its loan to Omkara Asset Reconstruction Private Limited. A One Time Settlement (OTS) was proposed and partially executed, but disputes arose regarding interest payments and the revocation of the OTS. The Financial Creditor claimed default, while the Corporate Debtor argued that the default fell within the prohibited period under
…Chemstar Organics (India) Limited (Corporate Debtor) availed credit facilities of Rs. 5 crores from Gujarat Industrial Investment Corporation Limited (GIIC) under a loan agreement dated 06.10.1997. The loan was to be repaid in 20 equal quarterly installments of Rs. 15 lakhs. A supplemental loan agreement was executed on 18.07.1998, where GIIC cancelled and recalled Rs. 2 crores out of Rs. 5 crores, keeping the repayment period the same for the remaining amount of Rs. 3 crores. GIIC, in consortium with Bank of Baroda, sanctioned and disbursed term loan facilities of Rs. 2 crores and Rs. 1.95 crores. A joint Equitable Mortgage was created in favor of GIIC and Bank of Baroda on 28.07.1998 and 01.07.1999. The Corporate Debtor defaulted in repayment, and the account was
…Chemstar Organics (India) Limited availed…
GIIC cancelled and recalled Rs. 2 crores out…