The case involves an application filed by Asset Reconstruction Company (India) Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sintex Plastics Technology Limited (Corporate Debtor). The application is based on an outstanding amount of Rs. 350,28,00,550/-, comprising Rs. 215,77,95,794/- as principal and Rs. 134,50,04,756/- towards interest. The Corporate Debtor had provided a guarantee for credit facilities extended by Axis Bank Limited to Sintex BAPL Limited (SBL). SBL defaulted, leading the Financial Creditor to invoke the Deed of Guarantee. Prior CIRP proceedings against SBL had a complex history, including initial admission, withdrawal, and
…1. Asset Reconstruction Company (India) Limited filed an application under Section 7 of the IBC to initiate CIRP against Sintex Plastics Technology Limited due to an outstanding debt of Rs. 350,28,00,550/-.
2. The debt comprises Rs. 215,77,95,794/- as principal and Rs. 134,50,04,756/- towards interest at 8.55% per annum and penal interest at 2% per annum from 01/04/2022 to 06/06/2022.
3. Axis Bank Limited had sanctioned credit facilities to Sintex BAPL Limited (SBL) for Rs. 250,00,00,000/- vide a sanction letter dated 11/09/2017, pursuant to a facility agreement dated 13/09/2017. The facility was renewed on 05/02/2019.
4. Sintex Plastics Technology Limited executed a Deed of Guarantee on 20/12/2017, in favor of the Financial Creditor, securing the credit facility granted
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Axis Bank Limited sanctioned credit…
Facility agreement…
The case involves an application filed by Asset Reconstruction Company (India) Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sintex Plastics Technology Limited (Corporate Debtor). The application is based on an outstanding amount of Rs. 350,28,00,550/-, comprising Rs. 215,77,95,794/- as principal and Rs. 134,50,04,756/- towards interest. The Corporate Debtor had provided a guarantee for credit facilities extended by Axis Bank Limited to Sintex BAPL Limited (SBL). SBL defaulted, leading the Financial Creditor to invoke the Deed of Guarantee. Prior CIRP proceedings against SBL had a complex history, including initial admission, withdrawal, and
…1. Asset Reconstruction Company (India) Limited filed an application under Section 7 of the IBC to initiate CIRP against Sintex Plastics Technology Limited due to an outstanding debt of Rs. 350,28,00,550/-.
2. The debt comprises Rs. 215,77,95,794/- as principal and Rs. 134,50,04,756/- towards interest at 8.55% per annum and penal interest at 2% per annum from 01/04/2022 to 06/06/2022.
3. Axis Bank Limited had sanctioned credit facilities to Sintex BAPL Limited (SBL) for Rs. 250,00,00,000/- vide a sanction letter dated 11/09/2017, pursuant to a facility agreement dated 13/09/2017. The facility was renewed on 05/02/2019.
4. Sintex Plastics Technology Limited executed a Deed of Guarantee on 20/12/2017, in favor of the Financial Creditor, securing the credit facility granted
Axis Bank Limited sanctioned credit…
Facility agreement…