SREI Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against SRK Infracon (India) Private Limited (Corporate Debtor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had initially obtained term loan facilities aggregating Rs. 44 Crores from the Financial Creditor in 2019 and 2020 to purchase heavy-duty vehicles, with the vehicles held as collateral. The Corporate Debtor subsequently defaulted on these payment obligations. Following this, the Corporate Debtor sought a restructuring of its outstanding liabilities, which the Financial Creditor agreed to, resulting in a revised outstanding amount of Rs. 53,02,61,349/-. This restructuring was
…SREI Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, for CIRP against SRK Infracon (India) Private Limited (Corporate Debtor).
The Corporate Debtor obtained financial assistance from the Financial Creditor to purchase heavy-duty vehicles for infrastructure projects.
Initial loans amounting to Rs. 44,00,00,000/- were sanctioned by the Financial Creditor via letters dated 13.12.2019 and 25.06.2020, with the vehicles held as collateral.
The Corporate Debtor defaulted on its payment obligations under the original loan agreements.
SRK Constructions & Projects Pvt. Ltd., on behalf of the Corporate Debtor, requested a restructuring of outstanding dues on 07.11.2022.
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Date of the Original Loan Offer Letter for the…
Financial Creditor sanctioned an initial loan…
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SREI Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against SRK Infracon (India) Private Limited (Corporate Debtor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had initially obtained term loan facilities aggregating Rs. 44 Crores from the Financial Creditor in 2019 and 2020 to purchase heavy-duty vehicles, with the vehicles held as collateral. The Corporate Debtor subsequently defaulted on these payment obligations. Following this, the Corporate Debtor sought a restructuring of its outstanding liabilities, which the Financial Creditor agreed to, resulting in a revised outstanding amount of Rs. 53,02,61,349/-. This restructuring was
…SREI Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, for CIRP against SRK Infracon (India) Private Limited (Corporate Debtor).
The Corporate Debtor obtained financial assistance from the Financial Creditor to purchase heavy-duty vehicles for infrastructure projects.
Initial loans amounting to Rs. 44,00,00,000/- were sanctioned by the Financial Creditor via letters dated 13.12.2019 and 25.06.2020, with the vehicles held as collateral.
The Corporate Debtor defaulted on its payment obligations under the original loan agreements.
SRK Constructions & Projects Pvt. Ltd., on behalf of the Corporate Debtor, requested a restructuring of outstanding dues on 07.11.2022.
…Date of the Original Loan Offer Letter for the…
Financial Creditor sanctioned an initial loan…
Sign in to view related legal provisions.