The case involves an application (I.A. No. 4450 of 2023) filed by CFM Asset Reconstruction Private Limited ('Applicant') in an ongoing Corporate Insolvency Resolution Process (CIRP) against Vidarbha Industries Power Limited ('Corporate Debtor'). The Applicant seeks to be impleaded as a co-petitioner/Financial Creditor No. 2 in the Company Petition (IB) No. 264 of 2020, which was originally filed by Axis Bank Limited ('Financial Creditor No. 1'). The Financial Creditor No. 1, along with other lenders of a consortium, had extended credit facilities to the Corporate Debtor. The Corporate Debtor defaulted on its payment obligations, leading to the declaration of its account as a Non-Performing Asset (NPA). During the pendency of the CIRP, Financial Creditor No. 1 assigned
…Axis Bank Limited, as part of a consortium of lenders, extended credit facilities to Vidarbha Industries Power Limited (VIPL). VIPL defaulted on its payment obligations on March 31, 2019, leading Axis Bank to declare VIPL's account as a Non-Performing Asset (NPA) on June 28, 2019. In January 2020, Axis Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against VIPL, claiming Rs. 553,27,99,322/- as the amount in default. During the pendency of the Company Petition, Axis Bank, along with other lenders of the consortium, assigned its rights in respect of the amounts due from VIPL to CFM Asset Reconstruction Private Limited (CFM-ARC), except for External Commercial Borrowings aggregating to USD 15,00,00,000. CFM-ARC then filed an
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Vidarbha Industries…
Axis Bank Limited declared the account of…
The case involves an application (I.A. No. 4450 of 2023) filed by CFM Asset Reconstruction Private Limited ('Applicant') in an ongoing Corporate Insolvency Resolution Process (CIRP) against Vidarbha Industries Power Limited ('Corporate Debtor'). The Applicant seeks to be impleaded as a co-petitioner/Financial Creditor No. 2 in the Company Petition (IB) No. 264 of 2020, which was originally filed by Axis Bank Limited ('Financial Creditor No. 1'). The Financial Creditor No. 1, along with other lenders of a consortium, had extended credit facilities to the Corporate Debtor. The Corporate Debtor defaulted on its payment obligations, leading to the declaration of its account as a Non-Performing Asset (NPA). During the pendency of the CIRP, Financial Creditor No. 1 assigned
…Axis Bank Limited, as part of a consortium of lenders, extended credit facilities to Vidarbha Industries Power Limited (VIPL). VIPL defaulted on its payment obligations on March 31, 2019, leading Axis Bank to declare VIPL's account as a Non-Performing Asset (NPA) on June 28, 2019. In January 2020, Axis Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against VIPL, claiming Rs. 553,27,99,322/- as the amount in default. During the pendency of the Company Petition, Axis Bank, along with other lenders of the consortium, assigned its rights in respect of the amounts due from VIPL to CFM Asset Reconstruction Private Limited (CFM-ARC), except for External Commercial Borrowings aggregating to USD 15,00,00,000. CFM-ARC then filed an
…Vidarbha Industries…
Axis Bank Limited declared the account of…