Yes Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Umritha Infrastructure Development LLP, the Corporate Debtor, due to defaults in repayment of credit facilities. The Corporate Debtor had availed various credit facilities, including term loans, bank guarantees, and a Funded Interest Term Loan Facility (FITN), totaling Rs. 44,70,98,193.21. The initial date of default was 02.10.2021, and the loan account was declared a Non-Performing Asset (NPA) on 24.11.2022. The Financial Creditor issued a Loan Recall cum Guarantee Invocation Notice on 13.02.2023 and a demand notice under Section 13(2) of the SARFAESI Act, 2022 on 25.08.2023, demanding outstanding dues. The Corporate Debtor's
…1. Yes Bank Limited extended credit facilities to Umritha Infrastructure Development LLP, including term loans, bank guarantees, and a Funded Interest Term Loan Facility (FITN), totaling Rs. 44,70,98,193.21.
2. The initial date of default was 02.10.2021, and the loan account was declared a Non-Performing Asset (NPA) on 24.11.2022.
3. Yes Bank issued a Loan Recall cum Guarantee Invocation Notice on 13.02.2023 and a demand notice under Section 13(2) of the SARFAESI Act, 2022 on 25.08.2023, demanding outstanding dues of INR 15,65,08,059.97 as on 21.08.2023.
4. The Financial Creditor claimed a total outstanding amount of INR 15,81,22,685.16 as on 18.09.2023, including interest, towards the Term Loan Facility and FITL Facility.
5. The Corporate Debtor committed several defaults
Sign in to view the parties.
The initial date of default qua the credit…
The loan account of the…
Yes Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Umritha Infrastructure Development LLP, the Corporate Debtor, due to defaults in repayment of credit facilities. The Corporate Debtor had availed various credit facilities, including term loans, bank guarantees, and a Funded Interest Term Loan Facility (FITN), totaling Rs. 44,70,98,193.21. The initial date of default was 02.10.2021, and the loan account was declared a Non-Performing Asset (NPA) on 24.11.2022. The Financial Creditor issued a Loan Recall cum Guarantee Invocation Notice on 13.02.2023 and a demand notice under Section 13(2) of the SARFAESI Act, 2022 on 25.08.2023, demanding outstanding dues. The Corporate Debtor's
…1. Yes Bank Limited extended credit facilities to Umritha Infrastructure Development LLP, including term loans, bank guarantees, and a Funded Interest Term Loan Facility (FITN), totaling Rs. 44,70,98,193.21.
2. The initial date of default was 02.10.2021, and the loan account was declared a Non-Performing Asset (NPA) on 24.11.2022.
3. Yes Bank issued a Loan Recall cum Guarantee Invocation Notice on 13.02.2023 and a demand notice under Section 13(2) of the SARFAESI Act, 2022 on 25.08.2023, demanding outstanding dues of INR 15,65,08,059.97 as on 21.08.2023.
4. The Financial Creditor claimed a total outstanding amount of INR 15,81,22,685.16 as on 18.09.2023, including interest, towards the Term Loan Facility and FITL Facility.
5. The Corporate Debtor committed several defaults
The initial date of default qua the credit…
The loan account of the…