The case involves a petition filed by Omkara Assets 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 Financial Creditor seeks resolution of a debt amounting to Rs. 11,87,21,370. The Corporate Debtor had been enjoying credit facilities from Gujarat Industrial Investment Corporation Limited (GIIC) since October 1997. GIIC had sanctioned and disbursed various credit facilities to the Corporate Debtor under a Loan Agreement dated 06.10.1997. GIIC later cancelled and recalled the sanction of a term loan facility. GIIC assigned the debt to the Applicant (Omkara Assets Reconstruction
…Omkara Assets Reconstruction Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Chemstar Organics (India) Limited (Corporate Debtor) for a debt of Rs. 11,87,21,370. The Corporate Debtor had credit facilities from Gujarat Industrial Investment Corporation Limited (GIIC) since October 1997. GIIC sanctioned and disbursed credit facilities under a Loan Agreement dated 06.10.1997, but later cancelled and recalled a term loan facility. GIIC assigned the debt to Omkara Assets Reconstruction Private Limited under an Assignment Deed dated 14.08.2018. The Corporate Debtor defaulted on payments. GIIC approved a One Time Settlement (OTS) proposal under
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Corporate Debtor enjoying credit…
GIIC granted sanctioned and disbursed various…
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The case involves a petition filed by Omkara Assets 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 Financial Creditor seeks resolution of a debt amounting to Rs. 11,87,21,370. The Corporate Debtor had been enjoying credit facilities from Gujarat Industrial Investment Corporation Limited (GIIC) since October 1997. GIIC had sanctioned and disbursed various credit facilities to the Corporate Debtor under a Loan Agreement dated 06.10.1997. GIIC later cancelled and recalled the sanction of a term loan facility. GIIC assigned the debt to the Applicant (Omkara Assets Reconstruction
…Omkara Assets Reconstruction Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Chemstar Organics (India) Limited (Corporate Debtor) for a debt of Rs. 11,87,21,370. The Corporate Debtor had credit facilities from Gujarat Industrial Investment Corporation Limited (GIIC) since October 1997. GIIC sanctioned and disbursed credit facilities under a Loan Agreement dated 06.10.1997, but later cancelled and recalled a term loan facility. GIIC assigned the debt to Omkara Assets Reconstruction Private Limited under an Assignment Deed dated 14.08.2018. The Corporate Debtor defaulted on payments. GIIC approved a One Time Settlement (OTS) proposal under
…Corporate Debtor enjoying credit…
GIIC granted sanctioned and disbursed various…
Sign in to view related legal provisions.