IndusInd Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Feedback Energy Distribution Co. Ltd. The application was filed due to alleged default on financial debt. The applicant claimed that the respondent defaulted on payments, leading to the account being classified as Non-Performing Asset (NPA). The applicant also relied on a Form D (Record of Default) from NeSL to substantiate the claim.
IndusInd Bank Limited sanctioned credit facilities to Feedback Energy Distribution Co. Ltd., including cash credit and term loans, totaling Rs. 105 Crores, followed by an additional working capital term loan facility of Rs. 18.75 crores under the Guaranteed Emergency Credit Line ('GECL'). The total outstanding financial debt claimed by IndusInd Bank was Rs. 124,79,99,510.77 as of 31.05.2023, with the date of default being 10.10.2021, leading to the account being classified as NPA on 08.01.2022. IndusInd Bank issued a Loan Recall Notice-cum-invocation of Guarantees on 31.01.2022. Feedback Energy Distribution Co. Ltd. proposed a Comprehensive Debt Restructuring Proposal ('CDRP') in August 2021 and held joint lenders meetings, but IndusInd Bank did not agree to the
…Sign in to view the parties.
Feedback Energy…
IndusInd Bank…
IndusInd Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Feedback Energy Distribution Co. Ltd. The application was filed due to alleged default on financial debt. The applicant claimed that the respondent defaulted on payments, leading to the account being classified as Non-Performing Asset (NPA). The applicant also relied on a Form D (Record of Default) from NeSL to substantiate the claim.
IndusInd Bank Limited sanctioned credit facilities to Feedback Energy Distribution Co. Ltd., including cash credit and term loans, totaling Rs. 105 Crores, followed by an additional working capital term loan facility of Rs. 18.75 crores under the Guaranteed Emergency Credit Line ('GECL'). The total outstanding financial debt claimed by IndusInd Bank was Rs. 124,79,99,510.77 as of 31.05.2023, with the date of default being 10.10.2021, leading to the account being classified as NPA on 08.01.2022. IndusInd Bank issued a Loan Recall Notice-cum-invocation of Guarantees on 31.01.2022. Feedback Energy Distribution Co. Ltd. proposed a Comprehensive Debt Restructuring Proposal ('CDRP') in August 2021 and held joint lenders meetings, but IndusInd Bank did not agree to the
…Feedback Energy…
IndusInd Bank…