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 Corporate Debtor had availed working capital credit facilities of Rs. 25 crores sanctioned on 01.08.2011 and renewed thereafter. 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 08.10.2015 till realisation. The Corporate Debtor failed to abide by the terms of the settlement, leading the Financial Creditor to file an MA. The present petition was filed after the Corporate Debtor receded from the
…DBS Bank India Limited (DBIL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), for initiating Corporate Insolvency Resolution Process (CIRP) against Vayam Technologies Limited. 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/- (Rupees Twenty-Three Crore Twenty-Nine Lakhs Nineteen Thousand Two Hundred Twelve and Paisa Forty-Six Only) along-with interest @18% p.a. Vide Recovery Certificate No. 347/2019, on 24.07.2019, with effect from O.A. i.e., 08.10.2015 till realisation. The Board of
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Corporate Debtor passed necessary resolution at…
Financial Creditor agreed to sanction the…
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 Corporate Debtor had availed working capital credit facilities of Rs. 25 crores sanctioned on 01.08.2011 and renewed thereafter. 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 08.10.2015 till realisation. The Corporate Debtor failed to abide by the terms of the settlement, leading the Financial Creditor to file an MA. The present petition was filed after the Corporate Debtor receded from the
…DBS Bank India Limited (DBIL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), for initiating Corporate Insolvency Resolution Process (CIRP) against Vayam Technologies Limited. 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/- (Rupees Twenty-Three Crore Twenty-Nine Lakhs Nineteen Thousand Two Hundred Twelve and Paisa Forty-Six Only) along-with interest @18% p.a. Vide Recovery Certificate No. 347/2019, on 24.07.2019, with effect from O.A. i.e., 08.10.2015 till realisation. The Board of
…Corporate Debtor passed necessary resolution at…
Financial Creditor agreed to sanction the…