Yes Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Laxmi Oil and Vanaspati Pvt. Ltd. The financial creditor, Yes Bank Ltd., had sanctioned a cash credit limit of ₹10 crore to the corporate debtor, Laxmi Oil and Vanaspati Pvt. Ltd., which was later extended and increased. The corporate debtor defaulted on its repayment obligations, leading to the declaration of NPA and the subsequent filing of the application.
Yes Bank Ltd. sanctioned a cash credit limit of ₹10 crore to Laxmi Oil and Vanaspati Pvt. Ltd. under a master facility agreement dated 2017-03-29. This limit was initially set to expire on 2018-03-15. Subsequently, on 2018-02-15, another facility letter was executed, extending the facility's date to 2019-01-20 and increasing the monetary limit to ₹20 crore via a facility letter dated 2019-07-24. This credit limit was available until 2019-01-22 and was further renewed for one year. However, Laxmi Oil and Vanaspati Pvt. Ltd. failed to adhere to the terms and conditions and defaulted on interest payments. The plants became inoperative in May 2019. On 2019-12-20, Yes Bank Ltd. requested Laxmi Oil and Vanaspati Pvt. Ltd. to comply with the facility agreements, but the
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Yes Bank Ltd. sanctioned a cash credit limit of…
Another facility letter was executed,…
Yes Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Laxmi Oil and Vanaspati Pvt. Ltd. The financial creditor, Yes Bank Ltd., had sanctioned a cash credit limit of ₹10 crore to the corporate debtor, Laxmi Oil and Vanaspati Pvt. Ltd., which was later extended and increased. The corporate debtor defaulted on its repayment obligations, leading to the declaration of NPA and the subsequent filing of the application.
Yes Bank Ltd. sanctioned a cash credit limit of ₹10 crore to Laxmi Oil and Vanaspati Pvt. Ltd. under a master facility agreement dated 2017-03-29. This limit was initially set to expire on 2018-03-15. Subsequently, on 2018-02-15, another facility letter was executed, extending the facility's date to 2019-01-20 and increasing the monetary limit to ₹20 crore via a facility letter dated 2019-07-24. This credit limit was available until 2019-01-22 and was further renewed for one year. However, Laxmi Oil and Vanaspati Pvt. Ltd. failed to adhere to the terms and conditions and defaulted on interest payments. The plants became inoperative in May 2019. On 2019-12-20, Yes Bank Ltd. requested Laxmi Oil and Vanaspati Pvt. Ltd. to comply with the facility agreements, but the
…Yes Bank Ltd. sanctioned a cash credit limit of…
Another facility letter was executed,…