Canara Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nishta Mall Management Company Pvt. Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed due to a default on a financial debt of Rs. 170,96,81,356.18/-, with the date of default initially stated as 25.09.2020, later amended to 31.03.2022. The Corporate Debtor had taken two term loans from the Financial Creditor, and subsequently entered into a One-Time Restructuring (OTR) agreement. The Financial Creditor argued that the default under the OTR agreement constituted a fresh default, entitling them to take action. The Corporate Debtor contested the petition, arguing that the default date fell within the period prescribed
…Canara Bank sanctioned two term loans to Nishta Mall Management Company Pvt. Ltd. for acquiring new fixed assets to be leased to Future Retail Limited and Future Lifestyle Fashion Limited. The first loan was for Rs. 200 Crores sanctioned on 19.05.2014, and the second was for Rs. 150 Crores sanctioned on 07.03.2015. Subsequently, the Corporate Debtor's account became irregular, and it was classified as a Non-Performing Asset (NPA) on 24.12.2020. The Corporate Debtor requested a realignment of its debt obligations under the RBI's One-Time Restructuring (OTR) Scheme, and a Framework Agreement was executed on 02.06.2021. The Corporate Debtor allegedly defaulted on payments under the OTR Framework Agreement starting from 31.03.2022. Canara Bank issued a recall notice and
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Canara Bank sanctioned Term Loan I of Rs. 200…
Canara Bank sanctioned Term Loan II of Rs. 150…
Canara Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nishta Mall Management Company Pvt. Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed due to a default on a financial debt of Rs. 170,96,81,356.18/-, with the date of default initially stated as 25.09.2020, later amended to 31.03.2022. The Corporate Debtor had taken two term loans from the Financial Creditor, and subsequently entered into a One-Time Restructuring (OTR) agreement. The Financial Creditor argued that the default under the OTR agreement constituted a fresh default, entitling them to take action. The Corporate Debtor contested the petition, arguing that the default date fell within the period prescribed
…Canara Bank sanctioned two term loans to Nishta Mall Management Company Pvt. Ltd. for acquiring new fixed assets to be leased to Future Retail Limited and Future Lifestyle Fashion Limited. The first loan was for Rs. 200 Crores sanctioned on 19.05.2014, and the second was for Rs. 150 Crores sanctioned on 07.03.2015. Subsequently, the Corporate Debtor's account became irregular, and it was classified as a Non-Performing Asset (NPA) on 24.12.2020. The Corporate Debtor requested a realignment of its debt obligations under the RBI's One-Time Restructuring (OTR) Scheme, and a Framework Agreement was executed on 02.06.2021. The Corporate Debtor allegedly defaulted on payments under the OTR Framework Agreement starting from 31.03.2022. Canara Bank issued a recall notice and
…Canara Bank sanctioned Term Loan I of Rs. 200…
Canara Bank sanctioned Term Loan II of Rs. 150…