IFCI Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Lokmangal Sugar Ethanol and Cogeneration Industries Limited, the Corporate Debtor, due to defaults in repayment of a loan obtained from the Sugar Development Fund (SDF). The loan was disbursed based on a tripartite agreement, and the Corporate Debtor defaulted on its repayment obligations, leading to the Financial Creditor recalling the loan and initiating recovery proceedings.
The Corporate Debtor, Lokmangal Sugar Ethanol and Cogeneration Industries Limited, availed a loan from the Sugar Development Fund (SDF) through IFCI Limited, the Financial Creditor, to set up a bagasse-based co-generation power project. The loan was disbursed on 28.03.2014, with repayment terms including a moratorium period and half-yearly installments. The Corporate Debtor defaulted on its repayment obligations, leading the Financial Creditor to recall the loan on 03.09.2019. The outstanding amount as of 30.09.2023 was Rs. 8,20,55,028/-. The Corporate Debtor acknowledged the debt in a letter dated 02.08.2021, requesting the Financial Creditor not to pursue legal recovery actions. The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy
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Lokmangal Sugar Ethanol and Cogeneration…
A Tripartite Agreement was entered into…
IFCI Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Lokmangal Sugar Ethanol and Cogeneration Industries Limited, the Corporate Debtor, due to defaults in repayment of a loan obtained from the Sugar Development Fund (SDF). The loan was disbursed based on a tripartite agreement, and the Corporate Debtor defaulted on its repayment obligations, leading to the Financial Creditor recalling the loan and initiating recovery proceedings.
The Corporate Debtor, Lokmangal Sugar Ethanol and Cogeneration Industries Limited, availed a loan from the Sugar Development Fund (SDF) through IFCI Limited, the Financial Creditor, to set up a bagasse-based co-generation power project. The loan was disbursed on 28.03.2014, with repayment terms including a moratorium period and half-yearly installments. The Corporate Debtor defaulted on its repayment obligations, leading the Financial Creditor to recall the loan on 03.09.2019. The outstanding amount as of 30.09.2023 was Rs. 8,20,55,028/-. The Corporate Debtor acknowledged the debt in a letter dated 02.08.2021, requesting the Financial Creditor not to pursue legal recovery actions. The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy
…Lokmangal Sugar Ethanol and Cogeneration…
A Tripartite Agreement was entered into…