Indian Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against M/s. AKS Cold Storage Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed various loan facilities from the financial creditor, which were subsequently restructured under a consortium arrangement. Despite multiple restructurings, the corporate debtor allegedly failed to adhere to the repayment obligations, leading to the classification of its accounts as Non-Performing Assets (NPA) and a substantial outstanding debt claimed by the financial creditor.
Indian Bank filed a petition under Section 7 of the IBC, 2016, for initiating CIRP against M/s. AKS Cold Storage Limited.
Indian Bank is the Financial Creditor, and M/s. AKS Cold Storage Limited is the Corporate Debtor.
The Corporate Debtor is a Public Limited Company engaged in operating cold storage facilities in Tamil Nadu and Kerala.
Loan facilities were initially sanctioned in 2006 to entities within the AKS Group, including M/s. AKS Cold Storage (Proprietorship) and M/s. AKS Food Park (Proprietorship).
M/s. S.H. Cold Storage Pvt. Ltd., which later became M/s. AKS Cold Storage Ltd., availed Term Loan, Working Capital/SOD, and AMTL facilities in 2010.
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Indian Bank, the…
Loan facilities were initially sanctioned to…
Indian Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against M/s. AKS Cold Storage Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed various loan facilities from the financial creditor, which were subsequently restructured under a consortium arrangement. Despite multiple restructurings, the corporate debtor allegedly failed to adhere to the repayment obligations, leading to the classification of its accounts as Non-Performing Assets (NPA) and a substantial outstanding debt claimed by the financial creditor.
Indian Bank filed a petition under Section 7 of the IBC, 2016, for initiating CIRP against M/s. AKS Cold Storage Limited.
Indian Bank is the Financial Creditor, and M/s. AKS Cold Storage Limited is the Corporate Debtor.
The Corporate Debtor is a Public Limited Company engaged in operating cold storage facilities in Tamil Nadu and Kerala.
Loan facilities were initially sanctioned in 2006 to entities within the AKS Group, including M/s. AKS Cold Storage (Proprietorship) and M/s. AKS Food Park (Proprietorship).
M/s. S.H. Cold Storage Pvt. Ltd., which later became M/s. AKS Cold Storage Ltd., availed Term Loan, Working Capital/SOD, and AMTL facilities in 2010.
…Indian Bank, the…
Loan facilities were initially sanctioned to…