The case involves an application filed by IDBI Bank Ltd, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against GVK Energy Limited, the Corporate Guarantor (Respondent CG) of GVK Power (Goindwal Sahib) Ltd (GVK-Goindwal), the Principal Borrower. The FC had granted financial assistance to GVK-Goindwal, which defaulted on its debt obligations, leading to its account being classified as a Non-Performing Asset (NPA). The FC then recalled the credit facility and issued a notice to the Respondent CG to pay the outstanding amounts. The Respondent CG raised objections, including limitation, the use of IBC as a tool for debt recovery, and the resolution of
…IDBI Bank Ltd, the Financial Creditor (FC), extended financial assistance to GVK-Goindwal, the Principal Borrower, through a Rupee Term Loan of Rs 733.85 crore and a Working Capital Loan of Rs 153.75 crore. GVK-Goindwal defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 28.02.2018. The FC issued a demand letter dated 08.02.2019 to GVK Energy Limited, the Corporate Guarantor (CG), calling upon it to pay Rs 989.66 crores. As of 01.03.2023, Rs 1,494.94 crore remained outstanding. GVK-Goindwal was admitted into CIRP on 10.10.2022, and the FC filed a claim for Rs 1412.80 crores. The FC realized Rs 306.02 crores under the resolution plan. The FC filed the application under Section 7 of the IBC on 11.04.2023,
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GVK-Goindwal's account…
IDBI Bank issued a…
The case involves an application filed by IDBI Bank Ltd, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against GVK Energy Limited, the Corporate Guarantor (Respondent CG) of GVK Power (Goindwal Sahib) Ltd (GVK-Goindwal), the Principal Borrower. The FC had granted financial assistance to GVK-Goindwal, which defaulted on its debt obligations, leading to its account being classified as a Non-Performing Asset (NPA). The FC then recalled the credit facility and issued a notice to the Respondent CG to pay the outstanding amounts. The Respondent CG raised objections, including limitation, the use of IBC as a tool for debt recovery, and the resolution of
…IDBI Bank Ltd, the Financial Creditor (FC), extended financial assistance to GVK-Goindwal, the Principal Borrower, through a Rupee Term Loan of Rs 733.85 crore and a Working Capital Loan of Rs 153.75 crore. GVK-Goindwal defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 28.02.2018. The FC issued a demand letter dated 08.02.2019 to GVK Energy Limited, the Corporate Guarantor (CG), calling upon it to pay Rs 989.66 crores. As of 01.03.2023, Rs 1,494.94 crore remained outstanding. GVK-Goindwal was admitted into CIRP on 10.10.2022, and the FC filed a claim for Rs 1412.80 crores. The FC realized Rs 306.02 crores under the resolution plan. The FC filed the application under Section 7 of the IBC on 11.04.2023,
…GVK-Goindwal's account…
IDBI Bank issued a…