The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Bank of India (the original lender) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against National Steel & Agro Industries Ltd. (the corporate debtor) due to non-payment of outstanding dues. Pending the petition, the original lender assigned its rights to JM Financial Asset Reconstruction Company Ltd. The Tribunal permitted the substitution of JM Financial as the financial creditor.
Bank of India, the original financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against National Steel & Agro Industries Ltd., the corporate debtor, due to unpaid dues. The original lender assigned its rights to JM Financial Asset Reconstruction Company Ltd. An Inter Se Agreement for credit facilities was executed on 2014-05-26 among IDBI Bank Ltd Consortium, including Bank of India, and the corporate debtor. The IDBI Bank Ltd Consortium had sanctioned Rs. 1431,05,00,000 to the corporate debtor, with the original lender sanctioning Rs. 125,00,00,000. The account was classified as NPA on 2018-09-30, with the amount claimed to be in default being Rs. 116.91 crores as principal. The corporate debtor
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An Inter Se Agreement for credit facilities was…
The accoun…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Bank of India (the original lender) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against National Steel & Agro Industries Ltd. (the corporate debtor) due to non-payment of outstanding dues. Pending the petition, the original lender assigned its rights to JM Financial Asset Reconstruction Company Ltd. The Tribunal permitted the substitution of JM Financial as the financial creditor.
Bank of India, the original financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against National Steel & Agro Industries Ltd., the corporate debtor, due to unpaid dues. The original lender assigned its rights to JM Financial Asset Reconstruction Company Ltd. An Inter Se Agreement for credit facilities was executed on 2014-05-26 among IDBI Bank Ltd Consortium, including Bank of India, and the corporate debtor. The IDBI Bank Ltd Consortium had sanctioned Rs. 1431,05,00,000 to the corporate debtor, with the original lender sanctioning Rs. 125,00,00,000. The account was classified as NPA on 2018-09-30, with the amount claimed to be in default being Rs. 116.91 crores as principal. The corporate debtor
…An Inter Se Agreement for credit facilities was…
The accoun…