A consortium of banks, led by Canara Bank, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Gupta Power Infrastructure Limited due to a default of Rs. 28,88,11,82.079/-. The Corporate Debtor had been sanctioned credit facilities since 2006, which were revised and enhanced over time. Despite these facilities, the Corporate Debtor defaulted on its obligations, leading to the classification of its loan accounts as Non-Performing Assets (NPAs).
The Corporate Debtor, Gupta Power Infrastructure Limited, defaulted on credit facilities sanctioned by a consortium of banks.
The total amount claimed to be in default is Rs. 28,88,11,82.079/- inclusive of interest as on 20.12.2023.
The Corporate Debtor was sanctioned credit facilities worth Rs. 255 Crore in 2006, which were later revised to Rs. 3,590 Crore.
The Corporate Debtor executed a Joint Deed of Hypothecation on 26 August 2022 over its assets.
The first default was reported in January 2023 with Canara Bank, amounting to Rs. 378.07 Crore.
The loan accounts of the Corporate Debtor were classified as Non-Performing Assets (NPAs) in August–September 2023.
The consortium of banks signed an Inter-Creditor Agreement (ICA) on 15 September 2023.
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The Corporate Debtor…
The revised agreement…
A consortium of banks, led by Canara Bank, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Gupta Power Infrastructure Limited due to a default of Rs. 28,88,11,82.079/-. The Corporate Debtor had been sanctioned credit facilities since 2006, which were revised and enhanced over time. Despite these facilities, the Corporate Debtor defaulted on its obligations, leading to the classification of its loan accounts as Non-Performing Assets (NPAs).
The Corporate Debtor, Gupta Power Infrastructure Limited, defaulted on credit facilities sanctioned by a consortium of banks.
The total amount claimed to be in default is Rs. 28,88,11,82.079/- inclusive of interest as on 20.12.2023.
The Corporate Debtor was sanctioned credit facilities worth Rs. 255 Crore in 2006, which were later revised to Rs. 3,590 Crore.
The Corporate Debtor executed a Joint Deed of Hypothecation on 26 August 2022 over its assets.
The first default was reported in January 2023 with Canara Bank, amounting to Rs. 378.07 Crore.
The loan accounts of the Corporate Debtor were classified as Non-Performing Assets (NPAs) in August–September 2023.
The consortium of banks signed an Inter-Creditor Agreement (ICA) on 15 September 2023.
…The Corporate Debtor…
The revised agreement…