The case involves a Company Petition filed by Export-Import Bank of India (Exim Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against DQ Entertainment (International) Limited. Exim Bank, the Financial Creditor, claimed that DQ Entertainment defaulted on its debt. The Financial Creditor had extended a non-funded facility to DQ Entertainment by issuing Standby Letters of Credit (SBLC) for its global animation co-production projects. The SBLC was invoked by the beneficiary, and the applicant remitted USD 2,692,831.66. Despite repeated requests, the Corporate Debtor failed to make payments, leading to its account being classified as a Non-Performing Asset (NPA). The Financial Creditor
…Export-Import Bank of India (Exim Bank) extended a non-funded facility of USD 3.25 million to DQ Entertainment (International) Limited through Standby Letters of Credit (SBLC) for animation co-production projects. The SBLC was later renewed. The SBLC was invoked by the beneficiary on January 31, 2017, and Exim Bank remitted USD 2,692,831.66. DQ Entertainment failed to repay the invoked amount, leading to its account being classified as a Non-Performing Asset (NPA) on May 02, 2017. The outstanding amount was converted to INR at a rate of 74.05/USD, attracting interest. Exim Bank demanded Rs. 19,13,84,483.00 as of October 31, 2018. The personal guarantee of Mr. Tapaas Chakravarti was invoked on November 22, 2018. The aggregate default as of August 26, 2020, was Rs.
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Export-Import Bank of…
The Standby Letter of Credit (SBLC) was…
The case involves a Company Petition filed by Export-Import Bank of India (Exim Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against DQ Entertainment (International) Limited. Exim Bank, the Financial Creditor, claimed that DQ Entertainment defaulted on its debt. The Financial Creditor had extended a non-funded facility to DQ Entertainment by issuing Standby Letters of Credit (SBLC) for its global animation co-production projects. The SBLC was invoked by the beneficiary, and the applicant remitted USD 2,692,831.66. Despite repeated requests, the Corporate Debtor failed to make payments, leading to its account being classified as a Non-Performing Asset (NPA). The Financial Creditor
…Export-Import Bank of India (Exim Bank) extended a non-funded facility of USD 3.25 million to DQ Entertainment (International) Limited through Standby Letters of Credit (SBLC) for animation co-production projects. The SBLC was later renewed. The SBLC was invoked by the beneficiary on January 31, 2017, and Exim Bank remitted USD 2,692,831.66. DQ Entertainment failed to repay the invoked amount, leading to its account being classified as a Non-Performing Asset (NPA) on May 02, 2017. The outstanding amount was converted to INR at a rate of 74.05/USD, attracting interest. Exim Bank demanded Rs. 19,13,84,483.00 as of October 31, 2018. The personal guarantee of Mr. Tapaas Chakravarti was invoked on November 22, 2018. The aggregate default as of August 26, 2020, was Rs.
…Export-Import Bank of…
The Standby Letter of Credit (SBLC) was…