M/s. Union Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Andhra Pradesh Gas Power Corporation Ltd. (Corporate Debtor). The application stemmed from the Corporate Debtor's failure to reimburse the Financial Creditor after two Bank Guarantees, issued in favor of GAIL (India) Limited, were invoked and honored. The outstanding amount claimed was Rs. 28,11,89,870/-, and the Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 28.11.2024.
M/s. Union Bank of India (Applicant/Financial Creditor) filed a Section 7 IBC application against M/s. Andhra Pradesh Gas Power Corporation Ltd. (Corporate Debtor).
The application was instituted through Mr. Srinivas Reddy, Chief Manager, authorized by a Power of Attorney.
The Applicant sanctioned various credit facilities, including Open Cash Credit and Bank Guarantee/Letter of Credit facilities, to the Corporate Debtor.
The Corporate Debtor executed security documents such as Demand Promissory Notes, Counter Guarantees, Omnibus Counter Indemnity, Letter of Continuity, and Letter of Lien.
The Corporate Debtor acknowledged its subsisting liability through Letters of Acknowledgment of Debt dated 29.10.2019, 31.12.2019, and 04.04.2020.
…Sign in to view the parties.
The Corporate Debtor,…
A Sanction Letter for credit facilities was…
M/s. Union Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Andhra Pradesh Gas Power Corporation Ltd. (Corporate Debtor). The application stemmed from the Corporate Debtor's failure to reimburse the Financial Creditor after two Bank Guarantees, issued in favor of GAIL (India) Limited, were invoked and honored. The outstanding amount claimed was Rs. 28,11,89,870/-, and the Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 28.11.2024.
M/s. Union Bank of India (Applicant/Financial Creditor) filed a Section 7 IBC application against M/s. Andhra Pradesh Gas Power Corporation Ltd. (Corporate Debtor).
The application was instituted through Mr. Srinivas Reddy, Chief Manager, authorized by a Power of Attorney.
The Applicant sanctioned various credit facilities, including Open Cash Credit and Bank Guarantee/Letter of Credit facilities, to the Corporate Debtor.
The Corporate Debtor executed security documents such as Demand Promissory Notes, Counter Guarantees, Omnibus Counter Indemnity, Letter of Continuity, and Letter of Lien.
The Corporate Debtor acknowledged its subsisting liability through Letters of Acknowledgment of Debt dated 29.10.2019, 31.12.2019, and 04.04.2020.
…The Corporate Debtor,…
A Sanction Letter for credit facilities was…