The petition was filed by Prudent Arc Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Tangnu Romai Power Generation Private Limited, the Corporate Debtor, for a default of Rs. 115.47 crore. The Financial Creditor is an assignee of the debt originally owed to the State Bank of India (SBI). SBI, along with Punjab National Bank and Axis Bank, had extended a term loan to the Corporate Debtor for setting up a hydroelectric power plant. The Corporate Debtor defaulted on payments, leading to the account being declared a Non-Performing Asset (NPA). The Petitioner ARC acquired the debt from SBI through an assignment agreement. The Corporate Debtor argued that it
…Prudent Arc Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tangnu Romai Power Generation Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The basis for the petition was a default of Rs. 115.47 crore. Prudent Arc Limited is the assignee of a debt originally owed to the State Bank of India (SBI). SBI, along with Punjab National Bank (PNB) and Axis Bank, had extended a term loan of Rs. 224 crore to Tangnu Romai Power Generation Private Limited to set up a hydroelectric power plant. SBI's share of the loan was Rs. 74 crore, PNB's was Rs. 14 crore, and Axis Bank's was Rs. 76 crore. The Corporate Debtor defaulted on the loan, and the account was declared a Non-Performing Asset (NPA) on
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The petition was filed by Prudent Arc Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Tangnu Romai Power Generation Private Limited, the Corporate Debtor, for a default of Rs. 115.47 crore. The Financial Creditor is an assignee of the debt originally owed to the State Bank of India (SBI). SBI, along with Punjab National Bank and Axis Bank, had extended a term loan to the Corporate Debtor for setting up a hydroelectric power plant. The Corporate Debtor defaulted on payments, leading to the account being declared a Non-Performing Asset (NPA). The Petitioner ARC acquired the debt from SBI through an assignment agreement. The Corporate Debtor argued that it
…Prudent Arc Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tangnu Romai Power Generation Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The basis for the petition was a default of Rs. 115.47 crore. Prudent Arc Limited is the assignee of a debt originally owed to the State Bank of India (SBI). SBI, along with Punjab National Bank (PNB) and Axis Bank, had extended a term loan of Rs. 224 crore to Tangnu Romai Power Generation Private Limited to set up a hydroelectric power plant. SBI's share of the loan was Rs. 74 crore, PNB's was Rs. 14 crore, and Axis Bank's was Rs. 76 crore. The Corporate Debtor defaulted on the loan, and the account was declared a Non-Performing Asset (NPA) on
…The Corporate Debtor's…
The Corporate Debtor…