State Bank of India (Financial Creditor) initiated CIRP against KM Toll Road Private Limited (Corporate Debtor) under Section 7 of IBC, 2016, for a default of Rs. 122.12 crores. The Corporate Debtor, an SPV of Reliance Infrastructure Limited, had secured term loans from a consortium of banks for a highway project. The loan account was classified as NPA, and despite part payments and OTS proposals, the debt remained outstanding. The Corporate Debtor contested the petition on grounds of limitation, solvency, alleged violation of the Inter-Creditor Agreement, and pending arbitration/OTS.
State Bank of India (Financial Creditor/Petitioner) filed a petition under Section 7 of the IBC, 2016, against M/s. KM Toll Road Private Limited (Corporate Debtor/Respondent).
The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) for an alleged default in repayment of Rs. 122,12,84,985/- (excluding accrued and penal interest).
The National Highways Authority of India (NHAI) selected Reliance Infrastructure Limited (‘RIL') for a highway project, and the Corporate Debtor was incorporated by RIL on 04.02.2010 as a special purpose vehicle (SPV).
The Corporate Debtor entered into a Concession Agreement dated 10.03.2010 for implementing the highway project for 25 years, with an estimated project cost of Rs. 789 crores.
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NHAI selected Reliance Infrastructure Limited…
KM Toll Road Private…
State Bank of India (Financial Creditor) initiated CIRP against KM Toll Road Private Limited (Corporate Debtor) under Section 7 of IBC, 2016, for a default of Rs. 122.12 crores. The Corporate Debtor, an SPV of Reliance Infrastructure Limited, had secured term loans from a consortium of banks for a highway project. The loan account was classified as NPA, and despite part payments and OTS proposals, the debt remained outstanding. The Corporate Debtor contested the petition on grounds of limitation, solvency, alleged violation of the Inter-Creditor Agreement, and pending arbitration/OTS.
State Bank of India (Financial Creditor/Petitioner) filed a petition under Section 7 of the IBC, 2016, against M/s. KM Toll Road Private Limited (Corporate Debtor/Respondent).
The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) for an alleged default in repayment of Rs. 122,12,84,985/- (excluding accrued and penal interest).
The National Highways Authority of India (NHAI) selected Reliance Infrastructure Limited (‘RIL') for a highway project, and the Corporate Debtor was incorporated by RIL on 04.02.2010 as a special purpose vehicle (SPV).
The Corporate Debtor entered into a Concession Agreement dated 10.03.2010 for implementing the highway project for 25 years, with an estimated project cost of Rs. 789 crores.
…NHAI selected Reliance Infrastructure Limited…
KM Toll Road Private…