The case involves an application filed by Yes Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Presidium Educational Institution Private Limited. Yes Bank, the financial creditor, claims that Presidium Educational Institution, the corporate debtor, defaulted on loan repayments. The corporate debtor had approached Yes Bank for a loan facility to refinance an existing facility used for upgradation, renovation, and expansion of schools. Yes Bank sanctioned two term loans to the corporate debtor. Subsequently, Yes Bank assigned part of the loan to Aditya Birla Finance Limited. The corporate debtor was declared a Non-Performing Asset (NPA) due to non-payment of the term loans,
…Presidium Educational Institution Private Limited (Corporate Debtor) approached Yes Bank Limited (Financial Creditor) for a loan facility to refinance an existing facility for upgradation, renovation, and expansion of schools. Yes Bank sanctioned two term loans to the Corporate Debtor under facility letter No. YLB/DEL/1805/2017-18 dated 30.12.2017. The Corporate Debtor executed a Loan Agreement dated 10.02.2018. Term Loan I (TL I) was for Rs. 63,500,000/-, and Term Loan II (TL II) was for Rs. 486,500,000/-. Subsequently, Yes Bank assigned Term Loan I and part of Term Loan II to Aditya Birla Finance Limited. On 29.09.2019, the Corporate Debtor was declared a Non-Performing Asset (NPA) due to non-payment of the term loans. Yes Bank issued a Loan Recall Notice on
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Yes Bank sanctioned two term loans to the…
The Corporate Debtor…
The case involves an application filed by Yes Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Presidium Educational Institution Private Limited. Yes Bank, the financial creditor, claims that Presidium Educational Institution, the corporate debtor, defaulted on loan repayments. The corporate debtor had approached Yes Bank for a loan facility to refinance an existing facility used for upgradation, renovation, and expansion of schools. Yes Bank sanctioned two term loans to the corporate debtor. Subsequently, Yes Bank assigned part of the loan to Aditya Birla Finance Limited. The corporate debtor was declared a Non-Performing Asset (NPA) due to non-payment of the term loans,
…Presidium Educational Institution Private Limited (Corporate Debtor) approached Yes Bank Limited (Financial Creditor) for a loan facility to refinance an existing facility for upgradation, renovation, and expansion of schools. Yes Bank sanctioned two term loans to the Corporate Debtor under facility letter No. YLB/DEL/1805/2017-18 dated 30.12.2017. The Corporate Debtor executed a Loan Agreement dated 10.02.2018. Term Loan I (TL I) was for Rs. 63,500,000/-, and Term Loan II (TL II) was for Rs. 486,500,000/-. Subsequently, Yes Bank assigned Term Loan I and part of Term Loan II to Aditya Birla Finance Limited. On 29.09.2019, the Corporate Debtor was declared a Non-Performing Asset (NPA) due to non-payment of the term loans. Yes Bank issued a Loan Recall Notice on
…Yes Bank sanctioned two term loans to the…
The Corporate Debtor…