The case involves an application filed by Canara Bank Limited, a financial creditor, against Jalandhar Amritsar Tollways Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Canara Bank seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against Jalandhar Amritsar Tollways Limited due to defaults in repayment of financial debt. The application details the debts and defaults, with the bank issuing a recall notice to the corporate debtor. The corporate debtor acknowledged the debt but cited reasons for its inability to meet contractual obligations, primarily due to lower-than-anticipated toll revenues. Despite being served notice, the corporate debtor did not appear before the tribunal.
Canara Bank Limited extended financial facilities to Jalandhar Amritsar Tollways Limited, totaling Rs. 139,48,00,000/-. The facilities included term loans sanctioned on 10.06.2019 and 17.03.2010. Jalandhar Amritsar Tollways Limited defaulted on its repayment obligations, leading Canara Bank to classify the account as a Non-Performing Asset (NPA) effective from 31.03.2021. As of 27.05.2024, the amount claimed to be in default was Rs. 117,70,70,193.68. Canara Bank issued a recall notice dated 10.08.2021, demanding repayment of Rs. 79,10,82,920.00. Jalandhar Amritsar Tollways Limited responded, acknowledging the debt but attributing the default to lower-than-anticipated toll revenues due to various factors, including trade restrictions with Pakistan, general economic
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Canara Bank classified the account of…
Canara Bank issued a recall notice to…
The case involves an application filed by Canara Bank Limited, a financial creditor, against Jalandhar Amritsar Tollways Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Canara Bank seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against Jalandhar Amritsar Tollways Limited due to defaults in repayment of financial debt. The application details the debts and defaults, with the bank issuing a recall notice to the corporate debtor. The corporate debtor acknowledged the debt but cited reasons for its inability to meet contractual obligations, primarily due to lower-than-anticipated toll revenues. Despite being served notice, the corporate debtor did not appear before the tribunal.
Canara Bank Limited extended financial facilities to Jalandhar Amritsar Tollways Limited, totaling Rs. 139,48,00,000/-. The facilities included term loans sanctioned on 10.06.2019 and 17.03.2010. Jalandhar Amritsar Tollways Limited defaulted on its repayment obligations, leading Canara Bank to classify the account as a Non-Performing Asset (NPA) effective from 31.03.2021. As of 27.05.2024, the amount claimed to be in default was Rs. 117,70,70,193.68. Canara Bank issued a recall notice dated 10.08.2021, demanding repayment of Rs. 79,10,82,920.00. Jalandhar Amritsar Tollways Limited responded, acknowledging the debt but attributing the default to lower-than-anticipated toll revenues due to various factors, including trade restrictions with Pakistan, general economic
…Canara Bank classified the account of…
Canara Bank issued a recall notice to…