The case involves an application filed by Indian Renewable Energy Development Agency Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s Shalivahana Green Energy Limited (Corporate Debtor). The Financial Creditor alleges non-payment of Rs. 7,61,90,844/- by the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for a loan to set up a 10 MW Biomass Power Project. A loan agreement was executed, and the Financial Creditor disbursed the loan amount. The Corporate Debtor defaulted on repayments, leading to the Financial Creditor declaring
…Indian Renewable Energy Development Agency Limited (IREDA), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Shalivahana Green Energy Limited, the Corporate Debtor, due to a default in payment of Rs. 7,61,90,844/-. The Corporate Debtor had approached IREDA for a loan of Rs. 2020 Lakhs to set up a 10 MW Biomass Power Project in Maharashtra, which was sanctioned on 19.01.2006. A loan agreement was executed on 24.02.2006, and IREDA disbursed the loan. The Corporate Debtor was initially named Shalivahana Constructions Ltd., later changed to Shalivahana Projects Limited, and finally to Shalivahana Green Energy Limited. The loan was repayable in 40
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Financial Creditor…
Loan agreement executed…
The case involves an application filed by Indian Renewable Energy Development Agency Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s Shalivahana Green Energy Limited (Corporate Debtor). The Financial Creditor alleges non-payment of Rs. 7,61,90,844/- by the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for a loan to set up a 10 MW Biomass Power Project. A loan agreement was executed, and the Financial Creditor disbursed the loan amount. The Corporate Debtor defaulted on repayments, leading to the Financial Creditor declaring
…Indian Renewable Energy Development Agency Limited (IREDA), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Shalivahana Green Energy Limited, the Corporate Debtor, due to a default in payment of Rs. 7,61,90,844/-. The Corporate Debtor had approached IREDA for a loan of Rs. 2020 Lakhs to set up a 10 MW Biomass Power Project in Maharashtra, which was sanctioned on 19.01.2006. A loan agreement was executed on 24.02.2006, and IREDA disbursed the loan. The Corporate Debtor was initially named Shalivahana Constructions Ltd., later changed to Shalivahana Projects Limited, and finally to Shalivahana Green Energy Limited. The loan was repayable in 40
…Financial Creditor…
Loan agreement executed…