Axis Bank Ltd., acting as a financial creditor, initiated a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Millennium Starch India Pvt Ltd, the corporate debtor. The petition sought to trigger the Corporate Insolvency Resolution Process (CIRP) due to a default in the repayment of a financial debt amounting to Rs. 39,19,66,380.76. The default occurred on 29.02.2024, leading to the corporate debtor's loan account being classified as a Non-Performing Asset (NPA) effective 31.05.2024. The corporate debtor had secured credit facilities totaling Rs. 40 Crores through a Multiple Banking Arrangement sanctioned on 19.05.2022, executing various loan documents, but subsequently failed to meet its repayment obligations.
Axis Bank Ltd. (Financial Creditor) filed a Company Petition under Section 7 of the IBC, 2016 against Millennium Starch India Pvt Ltd (Corporate Debtor) for initiation of CIRP.
The Financial Creditor sought to recover a financial debt of Rs. 39,19,66,380.76 from the Corporate Debtor.
The date of default by the Corporate Debtor was 29.02.2024.
Credit facilities amounting to Rs. 40 Crores (comprising Rs. 25 Crores Open Cash Credit Facility and Rs. 15 Crores Term Loan Facility) were sanctioned to the Corporate Debtor on 19.05.2022.
Various loan documents, including Term Loan Agreement, Working Capital Facility Agreement, Deed of Hypothecation, and Letter of Pledge, were executed by the Corporate Debtor on 19.05.2022.
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Millennium Starch India…
Credit facilities of Rs. 40 Crores were…
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Axis Bank Ltd., acting as a financial creditor, initiated a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Millennium Starch India Pvt Ltd, the corporate debtor. The petition sought to trigger the Corporate Insolvency Resolution Process (CIRP) due to a default in the repayment of a financial debt amounting to Rs. 39,19,66,380.76. The default occurred on 29.02.2024, leading to the corporate debtor's loan account being classified as a Non-Performing Asset (NPA) effective 31.05.2024. The corporate debtor had secured credit facilities totaling Rs. 40 Crores through a Multiple Banking Arrangement sanctioned on 19.05.2022, executing various loan documents, but subsequently failed to meet its repayment obligations.
Axis Bank Ltd. (Financial Creditor) filed a Company Petition under Section 7 of the IBC, 2016 against Millennium Starch India Pvt Ltd (Corporate Debtor) for initiation of CIRP.
The Financial Creditor sought to recover a financial debt of Rs. 39,19,66,380.76 from the Corporate Debtor.
The date of default by the Corporate Debtor was 29.02.2024.
Credit facilities amounting to Rs. 40 Crores (comprising Rs. 25 Crores Open Cash Credit Facility and Rs. 15 Crores Term Loan Facility) were sanctioned to the Corporate Debtor on 19.05.2022.
Various loan documents, including Term Loan Agreement, Working Capital Facility Agreement, Deed of Hypothecation, and Letter of Pledge, were executed by the Corporate Debtor on 19.05.2022.
…Millennium Starch India…
Credit facilities of Rs. 40 Crores were…
Sign in to view related legal provisions.