This is an application filed by Axis Bank Limited, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against Morarjee Textiles Limited, the Corporate Debtor (CD). The debt arises from a Term Loan of Rs. 175,00,00,000/- granted by the FC to the CD via two sanction letters. The Term Loan was disbursed by the FC on 29.09.2017. A total amount of Rs.179,50,00,000/- fell due to the FC from the CD as on 30.09.2022. The FC prays that CIRP be initiated in respect of the CD.
Axis Bank Limited (FC) granted a Term Loan of Rs. 175,00,00,000/- to Morarjee Textiles Limited (CD) via two sanction letters dated 25.09.2017. The loan was for repayment of existing high-cost debt and capex. A Term Loan Agreement was executed on 28.09.2017. The CD secured the loan with various documents, including an Indenture of Mortgage dated 10.08.2018. Mr. Harshvardhan Piramal executed a Promoter's Guarantee on 28.09.2017. The CD also executed an Undertaking dated 29.09.2017, allowing the FC to convert debt to equity. The FC entered into a Deed of Novation/Transfer dated 30.03.2018, transferring Rs. 30,00,00,000/- to Tata Capital Financial Services Limited. A Security Trustee Agreement was entered into on 10.05.2018. The CD defaulted on payment obligations on
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Axis Bank Limited granted a Term Loan of Rs.…
A Term Loan Agreement…
This is an application filed by Axis Bank Limited, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against Morarjee Textiles Limited, the Corporate Debtor (CD). The debt arises from a Term Loan of Rs. 175,00,00,000/- granted by the FC to the CD via two sanction letters. The Term Loan was disbursed by the FC on 29.09.2017. A total amount of Rs.179,50,00,000/- fell due to the FC from the CD as on 30.09.2022. The FC prays that CIRP be initiated in respect of the CD.
Axis Bank Limited (FC) granted a Term Loan of Rs. 175,00,00,000/- to Morarjee Textiles Limited (CD) via two sanction letters dated 25.09.2017. The loan was for repayment of existing high-cost debt and capex. A Term Loan Agreement was executed on 28.09.2017. The CD secured the loan with various documents, including an Indenture of Mortgage dated 10.08.2018. Mr. Harshvardhan Piramal executed a Promoter's Guarantee on 28.09.2017. The CD also executed an Undertaking dated 29.09.2017, allowing the FC to convert debt to equity. The FC entered into a Deed of Novation/Transfer dated 30.03.2018, transferring Rs. 30,00,00,000/- to Tata Capital Financial Services Limited. A Security Trustee Agreement was entered into on 10.05.2018. The CD defaulted on payment obligations on
…Axis Bank Limited granted a Term Loan of Rs.…
A Term Loan Agreement…