State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Raebareilly Allahabad Highway Private Limited, citing a total financial default of Rs. 105,63,32,977.24. The corporate debtor had entered into a Concession Agreement with the National Highway Authority of India (NHAI) to construct, operate, and maintain a section of National Highway 24B. The financial creditor claimed that the corporate debtor failed to meet its payment obligations, leading to the loan account being classified as a Non-Performing Asset (NPA). A tripartite agreement was executed between NHAI, the corporate debtor, and the financial creditor to restructure the repayment schedule after
…The State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Raebareilly Allahabad Highway Private Limited (RAHPL). The application was based on a financial default of Rs. 105,63,32,977.24. RAHPL had entered into a Concession Agreement with the National Highway Authority of India (NHAI) on March 31, 2011, to construct, operate, and maintain the Raebareilly to Allahabad section of National Highway 24B. To finance the project, RAHPL approached a consortium of banks, including SBI, for a loan of Rs. 225.08 Crores in 2011. A Common Loan Agreement was entered into on October 4, 2011. The loan account was classified as a Non-Performing Asset (NPA) on January
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State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Raebareilly Allahabad Highway Private Limited, citing a total financial default of Rs. 105,63,32,977.24. The corporate debtor had entered into a Concession Agreement with the National Highway Authority of India (NHAI) to construct, operate, and maintain a section of National Highway 24B. The financial creditor claimed that the corporate debtor failed to meet its payment obligations, leading to the loan account being classified as a Non-Performing Asset (NPA). A tripartite agreement was executed between NHAI, the corporate debtor, and the financial creditor to restructure the repayment schedule after
…The State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Raebareilly Allahabad Highway Private Limited (RAHPL). The application was based on a financial default of Rs. 105,63,32,977.24. RAHPL had entered into a Concession Agreement with the National Highway Authority of India (NHAI) on March 31, 2011, to construct, operate, and maintain the Raebareilly to Allahabad section of National Highway 24B. To finance the project, RAHPL approached a consortium of banks, including SBI, for a loan of Rs. 225.08 Crores in 2011. A Common Loan Agreement was entered into on October 4, 2011. The loan account was classified as a Non-Performing Asset (NPA) on January
…The Corporate Debtor entered into a…
The Consortium Banks…