Tata Motors Finance Solutions Limited initiated a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against P S Earthmovers Private Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) due to defaults in repayment of a term loan facility. The applicant, an NBFC, had granted credit facilities to the corporate debtor, including a term loan of INR 15 Crore and a channel finance facility of INR 4.25 Crore. The corporate debtor started defaulting from January 2022, leading to the account being declared a Non-Performing Asset (NPA) in May 2022. Despite recall notices, the corporate debtor failed to repay the outstanding dues, which amounted to INR 8,42,44,714.08 as of October 31, 2022.
Tata Motors Finance Solutions Limited (the Applicant), an NBFC, granted credit facilities to P S Earthmovers Private Ltd (the Corporate Debtor), including a term loan of INR 15 Crore and a channel finance facility of INR 4.25 Crore. The term loan facility was disbursed on June 30, 2016, and was to be repaid in 84 installments between June 2016 and May 2023. The interest rate was fixed at 13% per annum, with an additional 2% in case of default. Tata Hitachi executed a deed of indemnity, agreeing to indemnify the Applicant for defaulted amounts up to INR 20 Crore. The Corporate Debtor started defaulting on repayments from January 2022, and the account was declared an NPA in May 2022. A recall notice was issued on May 24, 2022, but the Corporate Debtor failed to repay the
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Financial Creditor issued…
Financial Creditor issued a credit facility…
Tata Motors Finance Solutions Limited initiated a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against P S Earthmovers Private Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) due to defaults in repayment of a term loan facility. The applicant, an NBFC, had granted credit facilities to the corporate debtor, including a term loan of INR 15 Crore and a channel finance facility of INR 4.25 Crore. The corporate debtor started defaulting from January 2022, leading to the account being declared a Non-Performing Asset (NPA) in May 2022. Despite recall notices, the corporate debtor failed to repay the outstanding dues, which amounted to INR 8,42,44,714.08 as of October 31, 2022.
Tata Motors Finance Solutions Limited (the Applicant), an NBFC, granted credit facilities to P S Earthmovers Private Ltd (the Corporate Debtor), including a term loan of INR 15 Crore and a channel finance facility of INR 4.25 Crore. The term loan facility was disbursed on June 30, 2016, and was to be repaid in 84 installments between June 2016 and May 2023. The interest rate was fixed at 13% per annum, with an additional 2% in case of default. Tata Hitachi executed a deed of indemnity, agreeing to indemnify the Applicant for defaulted amounts up to INR 20 Crore. The Corporate Debtor started defaulting on repayments from January 2022, and the account was declared an NPA in May 2022. A recall notice was issued on May 24, 2022, but the Corporate Debtor failed to repay the
…Financial Creditor issued…
Financial Creditor issued a credit facility…