HDFC Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JRA Infrastructure Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's failure to repay outstanding dues amounting to Rs. 13,80,41,303.38, including interest, as of 30.06.2024. HDFC Bank had sanctioned various credit facilities to JRA Infrastructure Limited, which the corporate debtor failed to repay despite multiple legal notices. The respondent argued against the admission of CIRP, citing its strong financial background, ongoing projects, and the discretionary power of the Adjudicating Authority under Section 7 of the IBC, referencing the Vidarbha Industries Power Limited v. Axis
…HDFC Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JRA Infrastructure Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed on 22.11.2024. The corporate debtor had availed various credit facilities from HDFC Bank, aggregating to Rs. 24,36,55,942, secured by various documents including board resolutions, hypothecation agreements, and guarantees. The corporate debtor defaulted in repaying the dues, leading to the account being classified as Non-Performing Asset (NPA). As of 30.06.2024, the total outstanding dues amounted to Rs. 13,80,41,303.38, including interest. HDFC Bank issued legal notices dated 13.07.2022, 22.07.2022, and
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HDFC Bank issued a legal notice to JRA…
HDFC Bank issued another legal notice to JRA…
HDFC Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JRA Infrastructure Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's failure to repay outstanding dues amounting to Rs. 13,80,41,303.38, including interest, as of 30.06.2024. HDFC Bank had sanctioned various credit facilities to JRA Infrastructure Limited, which the corporate debtor failed to repay despite multiple legal notices. The respondent argued against the admission of CIRP, citing its strong financial background, ongoing projects, and the discretionary power of the Adjudicating Authority under Section 7 of the IBC, referencing the Vidarbha Industries Power Limited v. Axis
…HDFC Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JRA Infrastructure Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed on 22.11.2024. The corporate debtor had availed various credit facilities from HDFC Bank, aggregating to Rs. 24,36,55,942, secured by various documents including board resolutions, hypothecation agreements, and guarantees. The corporate debtor defaulted in repaying the dues, leading to the account being classified as Non-Performing Asset (NPA). As of 30.06.2024, the total outstanding dues amounted to Rs. 13,80,41,303.38, including interest. HDFC Bank issued legal notices dated 13.07.2022, 22.07.2022, and
…HDFC Bank issued a legal notice to JRA…
HDFC Bank issued another legal notice to JRA…