This case involves a petition filed by Yes Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indrajit Power Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's default in repayment of loan facilities. The Financial Creditor claims a total amount of INR 3,31,41,16,590/- as of 22.05.2023, including outstanding principal and interest. The Corporate Debtor is a private company incorporated in 1994. The date of default is specified as 14.10.2021 for Term Loans 1 & 2 and FITL Facility, and 21.11.2021 for the WC Facility.
Indrajit Power Private Limited (Corporate Debtor) approached Yes Bank Limited (Financial Creditor) in 2016 for financial assistance, resulting in two term loan facilities: Term Loan I for INR 90 Crores and Term Loan II for INR 185 Crores, sanctioned on 27.06.2016. The loan agreement was executed on 14.09.2016. The amount under Term Loan I was revised to INR 89.10 crores and Term Loan II to INR 183.25 crores. The loan facilities were secured by various assets, including movable and immovable properties, receivables, and guarantees. The Corporate Debtor defaulted on payments, with the date of default being 14.10.2021 for Term Loans 1 & 2 and FITL Facility, and 21.11.2021 for the WC Facility. The Financial Creditor issued a loan recall notice on 13.05.2022 for an
…Sign in to view the parties.
Indrajit Power Private…
Yes Bank Limited sanctioned Term Loan I and…
This case involves a petition filed by Yes Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indrajit Power Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's default in repayment of loan facilities. The Financial Creditor claims a total amount of INR 3,31,41,16,590/- as of 22.05.2023, including outstanding principal and interest. The Corporate Debtor is a private company incorporated in 1994. The date of default is specified as 14.10.2021 for Term Loans 1 & 2 and FITL Facility, and 21.11.2021 for the WC Facility.
Indrajit Power Private Limited (Corporate Debtor) approached Yes Bank Limited (Financial Creditor) in 2016 for financial assistance, resulting in two term loan facilities: Term Loan I for INR 90 Crores and Term Loan II for INR 185 Crores, sanctioned on 27.06.2016. The loan agreement was executed on 14.09.2016. The amount under Term Loan I was revised to INR 89.10 crores and Term Loan II to INR 183.25 crores. The loan facilities were secured by various assets, including movable and immovable properties, receivables, and guarantees. The Corporate Debtor defaulted on payments, with the date of default being 14.10.2021 for Term Loans 1 & 2 and FITL Facility, and 21.11.2021 for the WC Facility. The Financial Creditor issued a loan recall notice on 13.05.2022 for an
…Indrajit Power Private…
Yes Bank Limited sanctioned Term Loan I and…