IDBI Bank Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Jain Infraprojects Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed default on credit facilities extended to the Corporate Debtor.
The Corporate Debtor, M/S Jain Infraprojects Limited, is a public limited company engaged in civil construction projects.
IDBI Bank Ltd, the Financial Creditor, sanctioned credit facilities to the Corporate Debtor, including fund-based and non-fund-based limits.
The Corporate Debtor failed to adhere to the terms and conditions of the sanction letters and did not repay the dues within the prescribed timelines.
The loan account of the Corporate Debtor with the Financial Creditor was classified as Non-Performing Asset (NPA) with the date of default recorded as 30.09.2013.
The Corporate Debtor submitted multiple One-Time Settlement (OTS) proposals to the Financial Creditor, which were not fully accepted.
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Loan account of the…
Corporate Debtor…
IDBI Bank Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Jain Infraprojects Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed default on credit facilities extended to the Corporate Debtor.
The Corporate Debtor, M/S Jain Infraprojects Limited, is a public limited company engaged in civil construction projects.
IDBI Bank Ltd, the Financial Creditor, sanctioned credit facilities to the Corporate Debtor, including fund-based and non-fund-based limits.
The Corporate Debtor failed to adhere to the terms and conditions of the sanction letters and did not repay the dues within the prescribed timelines.
The loan account of the Corporate Debtor with the Financial Creditor was classified as Non-Performing Asset (NPA) with the date of default recorded as 30.09.2013.
The Corporate Debtor submitted multiple One-Time Settlement (OTS) proposals to the Financial Creditor, which were not fully accepted.
…Loan account of the…
Corporate Debtor…