M/s. Indusind Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. BBR Green Fields Pvt Ltd., the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in repaying aggregate term loan facilities of Rs. 150 Crores, which were secured by various documents and a personal guarantee. The loan accounts were classified as Non-Performing Assets (NPA) on 29.10.2023.
The present application was filed to initiate the corporate insolvency resolution process (CIRP) against M/s. BBR Green Fields Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016.
M/s. Indusind Bank (Applicant) sanctioned aggregate term loan facilities of Rs. 150,00,00,000/- to the Corporate Debtor under two separate loan agreements.
Term Loan-I, for Rs. 25.00 Crores, was sanctioned on 27.09.2019, with Rs. 23.00 Crores disbursed on 30.09.2019.
Term Loan-II, for Rs. 125.00 Crores, was sanctioned on 21.12.2019, with Rs. 65.00 Crores disbursed on 23.12.2019 and Rs. 60.00 Crores on 25.02.2020.
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Sanction Letter and…
Rs. 23.00 C…
M/s. Indusind Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. BBR Green Fields Pvt Ltd., the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in repaying aggregate term loan facilities of Rs. 150 Crores, which were secured by various documents and a personal guarantee. The loan accounts were classified as Non-Performing Assets (NPA) on 29.10.2023.
The present application was filed to initiate the corporate insolvency resolution process (CIRP) against M/s. BBR Green Fields Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016.
M/s. Indusind Bank (Applicant) sanctioned aggregate term loan facilities of Rs. 150,00,00,000/- to the Corporate Debtor under two separate loan agreements.
Term Loan-I, for Rs. 25.00 Crores, was sanctioned on 27.09.2019, with Rs. 23.00 Crores disbursed on 30.09.2019.
Term Loan-II, for Rs. 125.00 Crores, was sanctioned on 21.12.2019, with Rs. 65.00 Crores disbursed on 23.12.2019 and Rs. 60.00 Crores on 25.02.2020.
…Sanction Letter and…
Rs. 23.00 C…