Axis Bank Ltd, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. IMOST Academy (India) Private Limited, the Corporate Debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP), declare a moratorium, and appoint an Interim Resolution Professional (IRP) due to the Corporate Debtor's default on financial debt. The Corporate Debtor, a privately owned educational institution, had availed credit facilities from Axis Bank Ltd in 2019 for the acquisition of land, construction of buildings, and procurement of equipment for a training institute under the SME Plus Scheme and
…Axis Bank Ltd, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against M/s. IMOST Academy (India) Private Limited, the Corporate Debtor.
The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) and appoint an Interim Resolution Professional (IRP).
The Corporate Debtor is a privately owned educational institution in Ernakulam, Kerala.
In 2019, the Corporate Debtor availed credit facilities/financial assistance from Axis Bank Ltd for procuring land, constructing buildings, and acquiring equipment for a training institute.
The credit facilities sanctioned included a Term Loan of Rs. 6,50,00,000/- and a Working Capital Loan (Cash Credit) of Rs. 75,00,000/- under the SME Plus Scheme.
…Sign in to view the parties.
Sanction letter issued…
Term Loan Agr…
Sign in to view related legal provisions.
Axis Bank Ltd, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. IMOST Academy (India) Private Limited, the Corporate Debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP), declare a moratorium, and appoint an Interim Resolution Professional (IRP) due to the Corporate Debtor's default on financial debt. The Corporate Debtor, a privately owned educational institution, had availed credit facilities from Axis Bank Ltd in 2019 for the acquisition of land, construction of buildings, and procurement of equipment for a training institute under the SME Plus Scheme and
…Axis Bank Ltd, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against M/s. IMOST Academy (India) Private Limited, the Corporate Debtor.
The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) and appoint an Interim Resolution Professional (IRP).
The Corporate Debtor is a privately owned educational institution in Ernakulam, Kerala.
In 2019, the Corporate Debtor availed credit facilities/financial assistance from Axis Bank Ltd for procuring land, constructing buildings, and acquiring equipment for a training institute.
The credit facilities sanctioned included a Term Loan of Rs. 6,50,00,000/- and a Working Capital Loan (Cash Credit) of Rs. 75,00,000/- under the SME Plus Scheme.
…Sanction letter issued…
Term Loan Agr…
Sign in to view related legal provisions.