Ligare Aviation Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Religare Enterprises, the corporate guarantor of the principal borrower, Auriga Marketing Services Private Limited. The petition was filed on the grounds that the principal borrower defaulted on a payment of Rs. 35,55,00,000, with interest accruing to Rs. 74,20,31,453 as of January 27, 2023. A Memorandum of Understanding (MOU) dated September 22, 2011, was entered into between the principal borrower and the financial creditor for an unsecured demand loan of Rs. 50 crores at an interest rate of 14.25% p.a., signed upon the instruction of the corporate debtor.
1. Ligare Aviation Ltd. filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Religare Enterprises Ltd.
2. Religare Enterprises Ltd. is the corporate guarantor for Auriga Marketing Services Private Limited, the principal borrower.
3. The principal borrower defaulted on a payment of Rs. 35,55,00,000, with interest accruing to Rs. 74,20,31,453 as of January 27, 2023.
4. An MOU dated September 22, 2011, was in place between the principal borrower and the financial creditor for an unsecured demand loan of Rs. 50 crores at 14.25% p.a.
5. Religare Enterprises Ltd. argued that it is a financial service provider and is excluded from the definition of 'Corporate Person' under Section 3(7) of the IBC, 2016, as it is a registered NBFC
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Memorandum of Understanding (MOU) was entered…
Principal borrower defaulted on a payment of…
Ligare Aviation Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Religare Enterprises, the corporate guarantor of the principal borrower, Auriga Marketing Services Private Limited. The petition was filed on the grounds that the principal borrower defaulted on a payment of Rs. 35,55,00,000, with interest accruing to Rs. 74,20,31,453 as of January 27, 2023. A Memorandum of Understanding (MOU) dated September 22, 2011, was entered into between the principal borrower and the financial creditor for an unsecured demand loan of Rs. 50 crores at an interest rate of 14.25% p.a., signed upon the instruction of the corporate debtor.
1. Ligare Aviation Ltd. filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Religare Enterprises Ltd.
2. Religare Enterprises Ltd. is the corporate guarantor for Auriga Marketing Services Private Limited, the principal borrower.
3. The principal borrower defaulted on a payment of Rs. 35,55,00,000, with interest accruing to Rs. 74,20,31,453 as of January 27, 2023.
4. An MOU dated September 22, 2011, was in place between the principal borrower and the financial creditor for an unsecured demand loan of Rs. 50 crores at 14.25% p.a.
5. Religare Enterprises Ltd. argued that it is a financial service provider and is excluded from the definition of 'Corporate Person' under Section 3(7) of the IBC, 2016, as it is a registered NBFC
Memorandum of Understanding (MOU) was entered…
Principal borrower defaulted on a payment of…