The case involves an application filed by Indian Bank (formerly Allahabad Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indison Agro Foods Limited (Corporate Debtor). The financial creditor claims a default amount of Rs 98,76,78,524/-, comprising a principal amount of Rs 68,21,00,000/- and interest of Rs 30,55,78,524/-, with a default date of 28.02.2016. The corporate debtor is a public limited company incorporated under the Companies Act, 1956. The financial creditor had provided various credit facilities to the corporate debtor under a master restructuring loan agreement. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 28.02.2016, and a recall notice
…On 28.01.2019, Indian Bank (formerly Allahabad Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indison Agro Foods Limited. The bank claimed a default of Rs 98,76,78,524/-, including principal (Rs 68,21,00,000/-) and interest (Rs 30,55,78,524/-), with the default date being 28.02.2016. Indison Agro Foods Limited is a public limited company. The bank had extended credit facilities to the company under a master restructuring loan agreement. The account was declared NPA on 28.02.2016, followed by a recall notice on 07.05.2016. The corporate debtor argued the petition was time-barred, citing the SARFAESI Act notice date. They also offered a one-time settlement, which
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Corporate debtor entered into a master…
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The case involves an application filed by Indian Bank (formerly Allahabad Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indison Agro Foods Limited (Corporate Debtor). The financial creditor claims a default amount of Rs 98,76,78,524/-, comprising a principal amount of Rs 68,21,00,000/- and interest of Rs 30,55,78,524/-, with a default date of 28.02.2016. The corporate debtor is a public limited company incorporated under the Companies Act, 1956. The financial creditor had provided various credit facilities to the corporate debtor under a master restructuring loan agreement. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 28.02.2016, and a recall notice
…On 28.01.2019, Indian Bank (formerly Allahabad Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indison Agro Foods Limited. The bank claimed a default of Rs 98,76,78,524/-, including principal (Rs 68,21,00,000/-) and interest (Rs 30,55,78,524/-), with the default date being 28.02.2016. Indison Agro Foods Limited is a public limited company. The bank had extended credit facilities to the company under a master restructuring loan agreement. The account was declared NPA on 28.02.2016, followed by a recall notice on 07.05.2016. The corporate debtor argued the petition was time-barred, citing the SARFAESI Act notice date. They also offered a one-time settlement, which
…Corporate debtor entered into a master…
The corporate debtor's…