Axis Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Midas Petrochem Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default amount of Rs. 32,24,43,542.14 as of 31.07.2023. The Corporate Debtor had availed various credit facilities from the Financial Creditor, including cash credit facilities, inland and foreign letters of credit, and working capital demand loans. These facilities were later enhanced and renewed. The Corporate Debtor also availed an additional credit facility under the Emergency Credit Line Guarantee Scheme (ECLGS). The Corporate Debtor defaulted on repaying the outstanding amount, leading to its account being classified as a Non-Performing Asset (NPA). The
…Axis Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Midas Petrochem Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor availed various credit facilities from the Financial Creditor, including cash credit facilities, inland and foreign letters of credit, and working capital demand loans. These facilities were later enhanced and renewed. The Corporate Debtor also availed an additional credit facility under the Emergency Credit Line Guarantee Scheme (ECLGS). The total default amount was Rs. 32,24,43,542.14 as of 31.07.2023. The Corporate Debtor defaulted on repaying the outstanding amount, leading to its account being
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Axis Bank sanctioned cash credit facilities to…
Axis Bank sanctioned enhanced cash credit…
Axis Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Midas Petrochem Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default amount of Rs. 32,24,43,542.14 as of 31.07.2023. The Corporate Debtor had availed various credit facilities from the Financial Creditor, including cash credit facilities, inland and foreign letters of credit, and working capital demand loans. These facilities were later enhanced and renewed. The Corporate Debtor also availed an additional credit facility under the Emergency Credit Line Guarantee Scheme (ECLGS). The Corporate Debtor defaulted on repaying the outstanding amount, leading to its account being classified as a Non-Performing Asset (NPA). The
…Axis Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Midas Petrochem Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor availed various credit facilities from the Financial Creditor, including cash credit facilities, inland and foreign letters of credit, and working capital demand loans. These facilities were later enhanced and renewed. The Corporate Debtor also availed an additional credit facility under the Emergency Credit Line Guarantee Scheme (ECLGS). The total default amount was Rs. 32,24,43,542.14 as of 31.07.2023. The Corporate Debtor defaulted on repaying the outstanding amount, leading to its account being
…Axis Bank sanctioned cash credit facilities to…
Axis Bank sanctioned enhanced cash credit…