Axis Bank Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Tapi Prestressed Products Limited. The petition alleges that the Corporate Debtor defaulted on payments to the Petitioner, with an outstanding amount of Rs. 18,06,27,832 as of 30.11.2022. The Corporate Debtor was granted loan facilities originally in December 2009, which were renewed periodically. The final modification of the sanction letter occurred on 16.07.2019, setting the final bank guarantee facility at Rs. 17 crores. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 30.07.2021.
Axis Bank Limited (the Petitioner/Financial Creditor) sanctioned credit facilities to Tapi Prestressed Products Limited (the Respondent/Corporate Debtor) starting from 04.12.2009, with a total limit of Rs. 25 Crores. These facilities were renewed multiple times. The final modification occurred on 16.07.2019, setting the Bank Guarantee Facility (BGF) limit at Rs. 17 crores. The facilities included a Cash Credit facility (Rs. 15 crores) and a Letter of Credit (Rs. 5 crores). From March 2010, the Petitioner disbursed amounts under the Cash Credit Facility, but the Corporate Debtor defaulted multiple times. In 2020, a Working Capital Term Loan (WCTL) facility of Rs. 2.87 crores was sanctioned. Due to continuous defaults, the Corporate Debtor was classified as a
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Loan facilities were…
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Axis Bank Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Tapi Prestressed Products Limited. The petition alleges that the Corporate Debtor defaulted on payments to the Petitioner, with an outstanding amount of Rs. 18,06,27,832 as of 30.11.2022. The Corporate Debtor was granted loan facilities originally in December 2009, which were renewed periodically. The final modification of the sanction letter occurred on 16.07.2019, setting the final bank guarantee facility at Rs. 17 crores. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 30.07.2021.
Axis Bank Limited (the Petitioner/Financial Creditor) sanctioned credit facilities to Tapi Prestressed Products Limited (the Respondent/Corporate Debtor) starting from 04.12.2009, with a total limit of Rs. 25 Crores. These facilities were renewed multiple times. The final modification occurred on 16.07.2019, setting the Bank Guarantee Facility (BGF) limit at Rs. 17 crores. The facilities included a Cash Credit facility (Rs. 15 crores) and a Letter of Credit (Rs. 5 crores). From March 2010, the Petitioner disbursed amounts under the Cash Credit Facility, but the Corporate Debtor defaulted multiple times. In 2020, a Working Capital Term Loan (WCTL) facility of Rs. 2.87 crores was sanctioned. Due to continuous defaults, the Corporate Debtor was classified as a
…Loan facilities were…
The final modification of the sanction…