The case pertains to an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s GEI Power Limited due to a default amount of Rs. 31,33,49,707/-. The date of default was mentioned as 30.06.2013. The applicant, Union Bank of India, is a bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The respondent, GEI Power Limited, is a corporate entity engaged in manufacturing specialty structural items for power industries.
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s GEI Power Limited. The application was filed on 31.05.2024. The default amount was Rs. 31,33,49,707/-, with the date of default being 30.06.2013. GEI Power Limited approached Union Bank of India in 2010 for financial assistance, including a term loan of Rs. 24 Crores, a working capital loan of Rs. 6 Crores, and a bank guarantee of Rs. 5 crores. The credit facilities were granted, and the terms were accepted by GEI Power Limited on 22.05.2010. The term loan included a Foreign Currency Term Loan (FCTL) of Rs. 7 crores. To secure the credit limits, GEI Power Limited and its guarantors executed several
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GEI Power Limited approached Union Bank of…
Union Bank of India granted credit facilities…
The case pertains to an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s GEI Power Limited due to a default amount of Rs. 31,33,49,707/-. The date of default was mentioned as 30.06.2013. The applicant, Union Bank of India, is a bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The respondent, GEI Power Limited, is a corporate entity engaged in manufacturing specialty structural items for power industries.
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s GEI Power Limited. The application was filed on 31.05.2024. The default amount was Rs. 31,33,49,707/-, with the date of default being 30.06.2013. GEI Power Limited approached Union Bank of India in 2010 for financial assistance, including a term loan of Rs. 24 Crores, a working capital loan of Rs. 6 Crores, and a bank guarantee of Rs. 5 crores. The credit facilities were granted, and the terms were accepted by GEI Power Limited on 22.05.2010. The term loan included a Foreign Currency Term Loan (FCTL) of Rs. 7 crores. To secure the credit limits, GEI Power Limited and its guarantors executed several
…GEI Power Limited approached Union Bank of…
Union Bank of India granted credit facilities…