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, claims that DQ Entertainment defaulted on its debt. The Financial Creditor extended a non-funded facility up to USD 3.25 Million through Stand by Letter(s) of Credit (SBLC) for DQ Entertainment's global animation co-production projects. The SBLC was invoked by the beneficiary, and the applicant remitted USD 2,692,831.66. DQ Entertainment failed to make payments, leading to its account being classified as a Non-Performing Asset (NPA). The Financial Creditor converted the
…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) to support the Corporate Debtor's contributions to global animation co-production projects. The SBLC was later renewed and modified. Under the renewed facility, Exim Bank issued an SBLC aggregating USD 2,692,831.66 in favor of Bank of India, Jersey, with validity until January 31, 2017, to facilitate DQ Entertainment's subsidiary, DQ Entertainment (Ireland). The SBLC was invoked by the beneficiary, and Exim Bank remitted USD 2,692,831.66 on January 31, 2017. DQ Entertainment failed to make payments to Exim Bank, leading to the account being classified as a Non-Performing Asset (NPA) effective May
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Export-Import Bank of India was established by…
The SBLC was invoked by the Beneficiary and the…
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, claims that DQ Entertainment defaulted on its debt. The Financial Creditor extended a non-funded facility up to USD 3.25 Million through Stand by Letter(s) of Credit (SBLC) for DQ Entertainment's global animation co-production projects. The SBLC was invoked by the beneficiary, and the applicant remitted USD 2,692,831.66. DQ Entertainment failed to make payments, leading to its account being classified as a Non-Performing Asset (NPA). The Financial Creditor converted the
…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) to support the Corporate Debtor's contributions to global animation co-production projects. The SBLC was later renewed and modified. Under the renewed facility, Exim Bank issued an SBLC aggregating USD 2,692,831.66 in favor of Bank of India, Jersey, with validity until January 31, 2017, to facilitate DQ Entertainment's subsidiary, DQ Entertainment (Ireland). The SBLC was invoked by the beneficiary, and Exim Bank remitted USD 2,692,831.66 on January 31, 2017. DQ Entertainment failed to make payments to Exim Bank, leading to the account being classified as a Non-Performing Asset (NPA) effective May
…Export-Import Bank of India was established by…
The SBLC was invoked by the Beneficiary and the…