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 (CD) entered into a Concession Agreement with the National Highway Authority of India (NHAI) in 2011 to construct, operate, and maintain a section of National Highway 24B. The CD approached a consortium of banks for financing, leading to a Common Loan Agreement in 2011. The CD's loan account was classified as Non-Performing Asset (NPA) in 2017. NHAI sanctioned a loan to the CD under the One Time Fund Infusion and Rationalized Compensation Scheme (OTFIS), resulting in a Tripartite
…The State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Raebareilly Allahabad Highway Private Limited (RAHPL). RAHPL entered into a Concession Agreement with the National Highway Authority of India (NHAI) on March 31, 2011, for the construction, operation, and maintenance of a section of National Highway 24B. To finance the project, RAHPL approached a consortium of banks, including SBI, resulting in a Common Loan Agreement dated October 4, 2011. The loan account of RAHPL was classified as Non-Performing Asset (NPA) on January 29, 2017. NHAI sanctioned a loan of Rs. 119.91 crore to RAHPL under the One Time Fund Infusion and Rationalized Compensation
…Sign in to view the parties.
The Corporate Debtor entered into a…
The Consortium Banks…
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 (CD) entered into a Concession Agreement with the National Highway Authority of India (NHAI) in 2011 to construct, operate, and maintain a section of National Highway 24B. The CD approached a consortium of banks for financing, leading to a Common Loan Agreement in 2011. The CD's loan account was classified as Non-Performing Asset (NPA) in 2017. NHAI sanctioned a loan to the CD under the One Time Fund Infusion and Rationalized Compensation Scheme (OTFIS), resulting in a Tripartite
…The State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Raebareilly Allahabad Highway Private Limited (RAHPL). RAHPL entered into a Concession Agreement with the National Highway Authority of India (NHAI) on March 31, 2011, for the construction, operation, and maintenance of a section of National Highway 24B. To finance the project, RAHPL approached a consortium of banks, including SBI, resulting in a Common Loan Agreement dated October 4, 2011. The loan account of RAHPL was classified as Non-Performing Asset (NPA) on January 29, 2017. NHAI sanctioned a loan of Rs. 119.91 crore to RAHPL under the One Time Fund Infusion and Rationalized Compensation
…The Corporate Debtor entered into a…
The Consortium Banks…