DBS Bank India Limited (DBIL), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Vayam Technologies Limited, the Corporate Debtor. The Financial Creditor had sanctioned working capital credit facilities to the Corporate Debtor, which were later renewed. The Corporate Debtor defaulted on its repayment obligations, leading to the filing of the petition. The Financial Creditor also obtained a Recovery Certificate from the Debt Recovery Tribunal (DRT).
DBS Bank India Limited (DBIL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Vayam Technologies Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). DBS Bank India Limited, incorporated on 17.03.2018, is the Financial Creditor. Vayam Technologies Limited, incorporated on 01.08.2000, is the Corporate Debtor. The Corporate Debtor had availed working capital credit facilities to the tune of Rs. 25 crores sanctioned on 01.08.2011 and renewed thereafter on 13.09.2012 and 22.11.2013 by the Financial Creditor under the Canara Bank Consortium. The Financial Creditor has been awarded Rs. 23,29,19,212.46/- along with interest @18% p.a. Vide Recovery Certificate No. 347/2019, on 24.07.2019, with effect from
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Corporate Debtor passed necessary resolution at…
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DBS Bank India Limited (DBIL), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Vayam Technologies Limited, the Corporate Debtor. The Financial Creditor had sanctioned working capital credit facilities to the Corporate Debtor, which were later renewed. The Corporate Debtor defaulted on its repayment obligations, leading to the filing of the petition. The Financial Creditor also obtained a Recovery Certificate from the Debt Recovery Tribunal (DRT).
DBS Bank India Limited (DBIL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Vayam Technologies Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). DBS Bank India Limited, incorporated on 17.03.2018, is the Financial Creditor. Vayam Technologies Limited, incorporated on 01.08.2000, is the Corporate Debtor. The Corporate Debtor had availed working capital credit facilities to the tune of Rs. 25 crores sanctioned on 01.08.2011 and renewed thereafter on 13.09.2012 and 22.11.2013 by the Financial Creditor under the Canara Bank Consortium. The Financial Creditor has been awarded Rs. 23,29,19,212.46/- along with interest @18% p.a. Vide Recovery Certificate No. 347/2019, on 24.07.2019, with effect from
…Corporate Debtor passed necessary resolution at…
Financial Creditor agreed to sanction the…