Axis Bank Limited, the Financial Creditor (FC), filed an application 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. The FC disbursed the Term Loan 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 under Section 7 of the IBC. The date of default as mentioned by the FC is 08.10.2022.
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 dated 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, with Tata Capital Financial Services Limited, transferring Rs. 30,00,00,000/-. A Security Trustee Agreement was entered into on 10.05.2018. The CD defaulted on its payment
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Axis Bank Limited granted a Term Loan of Rs.…
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Axis Bank Limited, the Financial Creditor (FC), filed an application 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. The FC disbursed the Term Loan 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 under Section 7 of the IBC. The date of default as mentioned by the FC is 08.10.2022.
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 dated 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, with Tata Capital Financial Services Limited, transferring Rs. 30,00,00,000/-. A Security Trustee Agreement was entered into on 10.05.2018. The CD defaulted on its payment
…Axis Bank Limited granted a Term Loan of Rs.…
A Term Loan Agreement was executed between…