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 respondent, however, contended that there was no default and the documents submitted by the applicant were fabricated. The respondent also argued that the debt was not crystalized and DRT proceedings were pending.
IndusInd Bank Limited (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Feedback Energy Distribution Co. Ltd. (the Respondent), seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Applicant claimed that the Respondent defaulted on financial debt amounting to 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. The Applicant had sanctioned credit facilities to the Respondent, including cash credit, term loans, and a Guaranteed Emergency Credit Line (GECL) facility. The Respondent argued that there was no default, the debt was not crystalized, and the documents submitted by the Applicant were
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Feedback Energy…
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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 respondent, however, contended that there was no default and the documents submitted by the applicant were fabricated. The respondent also argued that the debt was not crystalized and DRT proceedings were pending.
IndusInd Bank Limited (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Feedback Energy Distribution Co. Ltd. (the Respondent), seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Applicant claimed that the Respondent defaulted on financial debt amounting to 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. The Applicant had sanctioned credit facilities to the Respondent, including cash credit, term loans, and a Guaranteed Emergency Credit Line (GECL) facility. The Respondent argued that there was no default, the debt was not crystalized, and the documents submitted by the Applicant were
…Feedback Energy…
Applicant sanctioned…