The case involves an application filed by Indian Renewable Energy Development Agency Limited (IREDA), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), against Lokshakti Sugar & Allied Industries Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was triggered by the Corporate Debtor's default on a term loan sanctioned by IREDA for setting up a bagasse-based cogeneration plant. The default was significant, amounting to Rs. 69,43,53,390 as of 30.09.2020, including principal, interest, liquidated damages, and incidental charges. IREDA had issued a sanction letter on 29.10.2012 for a term loan of Rs. 39,78,00,000. A loan agreement was executed on
…Indian Renewable Energy Development Agency Limited (IREDA) sanctioned a term loan of Rs. 39,78,00,000 to Lokshakti Sugar & Allied Industries Limited on 29.10.2012 for setting up a 14 MW bagasse-based cogeneration plant. A loan agreement was executed on 22.04.2013. The Corporate Debtor also entered into a Common Loan Agreement dated 03.02.2015 with Union Bank of India (UBI) and Indian Overseas Bank (IOB), with UBO as Security Trustee. The Corporate Debtor defaulted on its repayment obligations, leading to a total outstanding of Rs. 69,43,53,390 as of 30.09.2020, including principal, interest, liquidated damages, and incidental charges. IREDA issued notices under the SARFAESI Act, but the Corporate Debtor failed to discharge its liability. The account was classified
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IREDA issued a sanction letter to the…
Corporate Debtor passed shareholder resolutions…
The case involves an application filed by Indian Renewable Energy Development Agency Limited (IREDA), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), against Lokshakti Sugar & Allied Industries Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was triggered by the Corporate Debtor's default on a term loan sanctioned by IREDA for setting up a bagasse-based cogeneration plant. The default was significant, amounting to Rs. 69,43,53,390 as of 30.09.2020, including principal, interest, liquidated damages, and incidental charges. IREDA had issued a sanction letter on 29.10.2012 for a term loan of Rs. 39,78,00,000. A loan agreement was executed on
…Indian Renewable Energy Development Agency Limited (IREDA) sanctioned a term loan of Rs. 39,78,00,000 to Lokshakti Sugar & Allied Industries Limited on 29.10.2012 for setting up a 14 MW bagasse-based cogeneration plant. A loan agreement was executed on 22.04.2013. The Corporate Debtor also entered into a Common Loan Agreement dated 03.02.2015 with Union Bank of India (UBI) and Indian Overseas Bank (IOB), with UBO as Security Trustee. The Corporate Debtor defaulted on its repayment obligations, leading to a total outstanding of Rs. 69,43,53,390 as of 30.09.2020, including principal, interest, liquidated damages, and incidental charges. IREDA issued notices under the SARFAESI Act, but the Corporate Debtor failed to discharge its liability. The account was classified
…IREDA issued a sanction letter to the…
Corporate Debtor passed shareholder resolutions…