The case involves a petition filed by Xander Financial Services Ltd. against Liz Traders and Agents Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor claims that the corporate debtor defaulted on a term loan facility of Rs. 30 crore granted in November 2016. The corporate debtor allegedly failed to maintain the stipulated security cover and defaulted on interest payments, leading to a total outstanding amount of Rs. 28,57,431 as of July 1, 2019. The financial creditor issued a notice of default in July 2019, but the corporate debtor failed to rectify the default.
Xander Financial Services Ltd. (Financial Creditor) granted a term loan facility of Rs. 30 crore to Liz Traders and Agents Private Limited (Corporate Debtor) in November 2016. The loan was secured by a pledge of shares of a listed company owned by the Corporate Debtor, along with other securities and a personal guarantee. The Corporate Debtor was obligated to maintain a security cover of 2x the drawdown amount. The Corporate Debtor defaulted on interest payments and failed to maintain the required security cover. As of July 1, 2019, the outstanding amount was Rs. 28,57,431. The Financial Creditor issued a notice of default on July 9, 2019, but the Corporate Debtor failed to cure the default. The Corporate Debtor argued that there was no board resolution authorizing the
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Date of the loan agreement between Xander…
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The case involves a petition filed by Xander Financial Services Ltd. against Liz Traders and Agents Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor claims that the corporate debtor defaulted on a term loan facility of Rs. 30 crore granted in November 2016. The corporate debtor allegedly failed to maintain the stipulated security cover and defaulted on interest payments, leading to a total outstanding amount of Rs. 28,57,431 as of July 1, 2019. The financial creditor issued a notice of default in July 2019, but the corporate debtor failed to rectify the default.
Xander Financial Services Ltd. (Financial Creditor) granted a term loan facility of Rs. 30 crore to Liz Traders and Agents Private Limited (Corporate Debtor) in November 2016. The loan was secured by a pledge of shares of a listed company owned by the Corporate Debtor, along with other securities and a personal guarantee. The Corporate Debtor was obligated to maintain a security cover of 2x the drawdown amount. The Corporate Debtor defaulted on interest payments and failed to maintain the required security cover. As of July 1, 2019, the outstanding amount was Rs. 28,57,431. The Financial Creditor issued a notice of default on July 9, 2019, but the Corporate Debtor failed to cure the default. The Corporate Debtor argued that there was no board resolution authorizing the
…Date of the loan agreement between Xander…
The Financial Creditor…