The Export-Import Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Majestic Research Services and Solutions Limited, citing default in repayment of a term loan. The Corporate Debtor had submitted a loan application on 2017-08-18, and the Petitioner sanctioned a term loan under the Overseas Investment Finance Program. The loan details included a sanctioned amount of USD 383,000 dated 2017-10-17, disbursement on 2018-01-23, and repayment terms involving sixteen equal quarterly installments after a moratorium of 12 months from the first disbursement. The Corporate Debtor started defaulting around October 2019, leading the Petitioner to classify the
…Export-Import Bank of India (the Petitioner/Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Majestic Research Services and Solutions Limited (the Respondent/Corporate Debtor). The Corporate Debtor submitted a loan application to the Petitioner on 2017-08-18, and the Petitioner sanctioned a term loan under the Overseas Investment Finance Program. The sanctioned amount was USD 383,000, disbursed on 2018-01-23, with repayment terms involving sixteen equal quarterly installments after a 12-month moratorium. The Corporate Debtor started defaulting on repayments around October 2019, leading the Petitioner to classify the account as a Non-Performing
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The Corporate Debtor…
The Petitioner sanctioned a term loan to…
The Export-Import Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Majestic Research Services and Solutions Limited, citing default in repayment of a term loan. The Corporate Debtor had submitted a loan application on 2017-08-18, and the Petitioner sanctioned a term loan under the Overseas Investment Finance Program. The loan details included a sanctioned amount of USD 383,000 dated 2017-10-17, disbursement on 2018-01-23, and repayment terms involving sixteen equal quarterly installments after a moratorium of 12 months from the first disbursement. The Corporate Debtor started defaulting around October 2019, leading the Petitioner to classify the
…Export-Import Bank of India (the Petitioner/Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Majestic Research Services and Solutions Limited (the Respondent/Corporate Debtor). The Corporate Debtor submitted a loan application to the Petitioner on 2017-08-18, and the Petitioner sanctioned a term loan under the Overseas Investment Finance Program. The sanctioned amount was USD 383,000, disbursed on 2018-01-23, with repayment terms involving sixteen equal quarterly installments after a 12-month moratorium. The Corporate Debtor started defaulting on repayments around October 2019, leading the Petitioner to classify the account as a Non-Performing
…The Corporate Debtor…
The Petitioner sanctioned a term loan to…