UCO Bank, a Financial Creditor/Petitioner, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vasupujya Enterprise Private Limited, a Corporate Debtor/Respondent, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition arises from a corporate guarantee executed by Vasupujya Enterprise Private Limited in favor of UCO Bank for credit facilities extended to the Principal Borrower, Ankit Metal & Power Limited.
UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Vasupujya Enterprise Private Limited.
The petition relates to a corporate guarantee provided by Vasupujya Enterprise Private Limited for credit facilities availed by Ankit Metal & Power Limited.
The Financial Creditor sanctioned a Working Capital Credit Facility amounting to Rs. 65,00,00,000/- in favour of the Principal Borrower.
The first default in servicing the interest on the said facility occurred on 28.08.2014.
A Master Restructuring Agreement (MRA) was executed on 09.12.2014 between the Principal Borrower and the CDR Lenders, including the Financial Creditor.
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First default in…
Master Restructuring Agreement (MRA) was…
UCO Bank, a Financial Creditor/Petitioner, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vasupujya Enterprise Private Limited, a Corporate Debtor/Respondent, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition arises from a corporate guarantee executed by Vasupujya Enterprise Private Limited in favor of UCO Bank for credit facilities extended to the Principal Borrower, Ankit Metal & Power Limited.
UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Vasupujya Enterprise Private Limited.
The petition relates to a corporate guarantee provided by Vasupujya Enterprise Private Limited for credit facilities availed by Ankit Metal & Power Limited.
The Financial Creditor sanctioned a Working Capital Credit Facility amounting to Rs. 65,00,00,000/- in favour of the Principal Borrower.
The first default in servicing the interest on the said facility occurred on 28.08.2014.
A Master Restructuring Agreement (MRA) was executed on 09.12.2014 between the Principal Borrower and the CDR Lenders, including the Financial Creditor.
…First default in…
Master Restructuring Agreement (MRA) was…