IL&FS Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Adhunik Meghalaya Steels Private Limited (Corporate Debtor). The petition sought to recover an unresolved financial debt of Rs. 55,45,97,395/- as of 15.11.2023, arising from a Term Loan Facility extended in 2015. The Corporate Debtor had defaulted on repayments, leading to its account being declared a Non-Performing Asset (NPA) on 01.03.2018. The Corporate Debtor raised objections regarding the petition being time-barred and questioned the Financial Creditor's conduct in invoking pledged securities.
IL&FS Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Adhunik Meghalaya Steels Private Limited (Corporate Debtor).
The unresolved financial debt claimed was Rs. 55,45,97,395/- as on 15.11.2023.
The Corporate Debtor was incorporated on 14.11.2000 under the Companies Act 1956.
The Financial Creditor extended a Term Loan Facility of up to Rs. 30,00,00,000/- to the Corporate Debtor via a Loan Agreement dated 27.02.2015.
An amount of Rs. 24,44,44,456/- was disbursed to the Corporate Debtor on 17.03.2015.
The Corporate Debtor failed to repay the quarterly installments as per the terms of the Facility Documents.
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Adhunik Meghalaya Steels Private Limited…
Loan Agreement for a Term Loan Facility of up…
IL&FS Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Adhunik Meghalaya Steels Private Limited (Corporate Debtor). The petition sought to recover an unresolved financial debt of Rs. 55,45,97,395/- as of 15.11.2023, arising from a Term Loan Facility extended in 2015. The Corporate Debtor had defaulted on repayments, leading to its account being declared a Non-Performing Asset (NPA) on 01.03.2018. The Corporate Debtor raised objections regarding the petition being time-barred and questioned the Financial Creditor's conduct in invoking pledged securities.
IL&FS Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Adhunik Meghalaya Steels Private Limited (Corporate Debtor).
The unresolved financial debt claimed was Rs. 55,45,97,395/- as on 15.11.2023.
The Corporate Debtor was incorporated on 14.11.2000 under the Companies Act 1956.
The Financial Creditor extended a Term Loan Facility of up to Rs. 30,00,00,000/- to the Corporate Debtor via a Loan Agreement dated 27.02.2015.
An amount of Rs. 24,44,44,456/- was disbursed to the Corporate Debtor on 17.03.2015.
The Corporate Debtor failed to repay the quarterly installments as per the terms of the Facility Documents.
…Adhunik Meghalaya Steels Private Limited…
Loan Agreement for a Term Loan Facility of up…