Indian Bank (Erstwhile Allahabad Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Yash Kirti Tours and Travels Pvt. Ltd., the Corporate Guarantor of Siddhi Vinayak Logistics Ltd., for initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate guarantee provided by Yash Kirti Tours and Travels Pvt. Ltd. for the loans availed by Siddhi Vinayak Logistics Ltd. from Indian Bank. Siddhi Vinayak Logistics Ltd. defaulted on its loan repayments, leading to the account being declared as NPA. Indian Bank initiated recovery proceedings against both Siddhi Vinayak Logistics Ltd. and Yash Kirti Tours and Travels Pvt. Ltd. The NCLT had already initiated CIRP and liquidation process against
…Indian Bank (formerly Allahabad Bank) extended credit facilities to M/s. Siddhi Vinayak Logistic Ltd. (the borrower). Yash Kirti Tours and Travels Pvt. Ltd. acted as the Corporate Guarantor for the loans availed by Siddhi Vinayak Logistics Ltd. Indian Bank sanctioned a term loan of Rs. 47.75 crores to the borrower on 2010-03-29 for purchasing 188 new commercial vehicles. The borrower again approached the bank for renewal of the existing term loan and sanction of an additional term loan facility for purchasing 405 new commercial vehicles. The bank renewed the existing term loan and sanctioned an additional term loan of Rs. 120.00 crores on 2012-11-23. The borrower defaulted in payment of the loan amount, and the account was declared as NPA on 2015-09-30. The total
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Indian Bank incorporated under the Banking…
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Indian Bank (Erstwhile Allahabad Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Yash Kirti Tours and Travels Pvt. Ltd., the Corporate Guarantor of Siddhi Vinayak Logistics Ltd., for initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate guarantee provided by Yash Kirti Tours and Travels Pvt. Ltd. for the loans availed by Siddhi Vinayak Logistics Ltd. from Indian Bank. Siddhi Vinayak Logistics Ltd. defaulted on its loan repayments, leading to the account being declared as NPA. Indian Bank initiated recovery proceedings against both Siddhi Vinayak Logistics Ltd. and Yash Kirti Tours and Travels Pvt. Ltd. The NCLT had already initiated CIRP and liquidation process against
…Indian Bank (formerly Allahabad Bank) extended credit facilities to M/s. Siddhi Vinayak Logistic Ltd. (the borrower). Yash Kirti Tours and Travels Pvt. Ltd. acted as the Corporate Guarantor for the loans availed by Siddhi Vinayak Logistics Ltd. Indian Bank sanctioned a term loan of Rs. 47.75 crores to the borrower on 2010-03-29 for purchasing 188 new commercial vehicles. The borrower again approached the bank for renewal of the existing term loan and sanction of an additional term loan facility for purchasing 405 new commercial vehicles. The bank renewed the existing term loan and sanctioned an additional term loan of Rs. 120.00 crores on 2012-11-23. The borrower defaulted in payment of the loan amount, and the account was declared as NPA on 2015-09-30. The total
…Indian Bank incorporated under the Banking…
Yash Kirti Tours and…