The case involves two company petitions, CP (IB)/83 (MB)/2024 filed by Bank of India and CP (IB)/120 (MB)/2024 filed by Indian Bank, both under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against GF Toll Road Private Limited. Bank of India, acting as the lead bank of a consortium, had sanctioned a term loan to GF Toll Road Private Limited for a road project in Haryana. Allahabad Bank, later merged with Indian Bank, was also part of the consortium. GF Toll Road Private Limited defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA). The corporate debtor has an arbitral award in its favor against HPWD. The corporate debtor filed
…Bank of India (BOI) and Indian Bank filed applications under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against GF Toll Road Private Limited (GFTRPL). BOI, as the lead bank of a consortium, sanctioned a Rupee term loan of Rs. 150 Crores (Allocated Rs.100 Crores) to GFTRPL, out of a total consortium amount of Rs.584 Crores, for capital expenditure related to the Gurgaon-Faridabad & Ballabhgarh-Sohna road project on a build, operate, and transfer (BOT) basis in Haryana. The consortium included Indian Bank (after merger with Allahabad Bank), Axis Bank, Bank of Baroda, Union Bank of India, State Bank of Patiala, UCO Bank, and Punjab National Bank. GFTRPL is a special purpose vehicle (SPV) of
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The Insolven…
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The case involves two company petitions, CP (IB)/83 (MB)/2024 filed by Bank of India and CP (IB)/120 (MB)/2024 filed by Indian Bank, both under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against GF Toll Road Private Limited. Bank of India, acting as the lead bank of a consortium, had sanctioned a term loan to GF Toll Road Private Limited for a road project in Haryana. Allahabad Bank, later merged with Indian Bank, was also part of the consortium. GF Toll Road Private Limited defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA). The corporate debtor has an arbitral award in its favor against HPWD. The corporate debtor filed
…Bank of India (BOI) and Indian Bank filed applications under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against GF Toll Road Private Limited (GFTRPL). BOI, as the lead bank of a consortium, sanctioned a Rupee term loan of Rs. 150 Crores (Allocated Rs.100 Crores) to GFTRPL, out of a total consortium amount of Rs.584 Crores, for capital expenditure related to the Gurgaon-Faridabad & Ballabhgarh-Sohna road project on a build, operate, and transfer (BOT) basis in Haryana. The consortium included Indian Bank (after merger with Allahabad Bank), Axis Bank, Bank of Baroda, Union Bank of India, State Bank of Patiala, UCO Bank, and Punjab National Bank. GFTRPL is a special purpose vehicle (SPV) of
…The Insolven…
Concession agreement…