Axis Bank Limited filed an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the decision of the Committee of Creditors (CoC) in its 21st meeting to reduce the admitted claim and voting share of the Applicant.
Axis Bank Limited, a scheduled bank, had extended credit facilities to Sinnar Thermal Power Ltd. (Corporate Debtor).
Axis Bank's claim was initially admitted for Rs. 1,291,87,54,896, with a voting share of 8.12%.
The admitted claim included a bank guarantee of Rs. 8,05,64,000 issued by Axis Bank on behalf of Sinnar Thermal Power Ltd. in favor of Mahanadi Coalfields Ltd. (MCL).
MCL invoked the Bank Guarantee on 27.10.2022, but its encashment was deferred due to the moratorium under Section 14 of the IBC.
The CoC, in its 21st meeting, passed a resolution reducing Axis Bank's admitted claim and voting share, disregarding the exposure under the Bank Guarantee.
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CIRP initiated against Sinnar Thermal Power…
MCL invoked the Bank…
Axis Bank Limited filed an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the decision of the Committee of Creditors (CoC) in its 21st meeting to reduce the admitted claim and voting share of the Applicant.
Axis Bank Limited, a scheduled bank, had extended credit facilities to Sinnar Thermal Power Ltd. (Corporate Debtor).
Axis Bank's claim was initially admitted for Rs. 1,291,87,54,896, with a voting share of 8.12%.
The admitted claim included a bank guarantee of Rs. 8,05,64,000 issued by Axis Bank on behalf of Sinnar Thermal Power Ltd. in favor of Mahanadi Coalfields Ltd. (MCL).
MCL invoked the Bank Guarantee on 27.10.2022, but its encashment was deferred due to the moratorium under Section 14 of the IBC.
The CoC, in its 21st meeting, passed a resolution reducing Axis Bank's admitted claim and voting share, disregarding the exposure under the Bank Guarantee.
…CIRP initiated against Sinnar Thermal Power…
MCL invoked the Bank…