Neuzen Finance Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against IVRCL Chandrapur Tollways Limited, the Corporate Debtor, for alleged default in repayment of debt.
The Corporate Debtor availed Rs 313.99 crores under a Common Facility Agreement dated 12.09.2011 from a consortium of lenders.
IDBI Trusteeship was appointed as the Security Trustee.
The Common Facility Agreement was amended on 30.06.2014, followed by approval from the Joint Lenders' Forum on 28.11.2014 for restructuring and the sanction of additional and interim bridge facilities.
Additional term loans were sanctioned in 2016, with the Corporate Debtor issuing a Revival Letter acknowledging Rs 173.19 crores as outstanding.
The Corporate Debtor's account was classified as NPA on 31.03.2017.
Bank of India issued a notice for the recall of the loan on 28.05.2019, demanding Rs 205,70,65,679.74/-.
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Corporate Debtor availed Rs 313.99 crores…
The Common Fa…
Neuzen Finance Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against IVRCL Chandrapur Tollways Limited, the Corporate Debtor, for alleged default in repayment of debt.
The Corporate Debtor availed Rs 313.99 crores under a Common Facility Agreement dated 12.09.2011 from a consortium of lenders.
IDBI Trusteeship was appointed as the Security Trustee.
The Common Facility Agreement was amended on 30.06.2014, followed by approval from the Joint Lenders' Forum on 28.11.2014 for restructuring and the sanction of additional and interim bridge facilities.
Additional term loans were sanctioned in 2016, with the Corporate Debtor issuing a Revival Letter acknowledging Rs 173.19 crores as outstanding.
The Corporate Debtor's account was classified as NPA on 31.03.2017.
Bank of India issued a notice for the recall of the loan on 28.05.2019, demanding Rs 205,70,65,679.74/-.
…Corporate Debtor availed Rs 313.99 crores…
The Common Fa…