OBC initiates Corporate Insolvency Resolution Process against L&T Halol Shamlaji Tollway Ltd

| | New Delhi
  • 0

OBC initiates Corporate Insolvency Resolution Process against L&T Halol Shamlaji Tollway Ltd

Thursday, 25 July 2019 | PNS | New Delhi

Oriental Bank of Commerce (OBC) has filed Insolvency & Bankruptcy Application u/s 7 of the Insolvency and Bankruptcy Code, 2016 against L&T Halol - Shamlaji Tollway Ltd for default in repayment of Rs 76,68,75,126/- as on December 27, 2018.

OBC had disbursed Rs 155 crore in 2009 under a common loan agreement by a consortium of banks and institutions which included Allahabad Bank (as lenders' representative and escrow bank).

The loan account turned NPA in 2016 and the financial creditors, along with other lenders, entered into a Master Restructuring Agreement in 2017 with L&T Halol-Shamlaji Tollway for conversion of debt of Rs 405.83 crore into equity, out of total debt of Rs 1,003.55 crore payable to the consortium of banks. As the company failed to comply with the conditions mentioned in the Master Restructuring Agreement, OBC had given a recall notice on September 12, 2018, demanding repayment of part-B debt of Rs 78.27 crore within seven days.  

State Editions

11 killed in Hardoi road mishap

07 November 2024 | PNS | Lucknow

Yogi to inaugurate Akanksha Haat

07 November 2024 | PNS | Lucknow

Prashant Kumar likely to made permanent DGP

07 November 2024 | Preetam Srivastava | Lucknow

Mobility crisis is behind pollution in city: CSE

07 November 2024 | Staff Reporter | Delhi

Delhi’s air quality ‘very poor’, smog blankets city

07 November 2024 | Staff Reporter | Delhi

Sunday Edition

The comeback man

03 November 2024 | Gyaneshwar Dayal | Agenda

DINING REDEFINED! WYNN MACAU DEBUTS DRUNKEN FISH

03 November 2024 | RUPALI DEAN | Agenda

Oktoberfest on a Platter

03 November 2024 | Sharmila Chand | Agenda

Vegan Wonders: Where to Eat Next!

03 November 2024 | Team Agenda | Agenda

LIVING IT UP IN AN AIRBNB IN LONDON

03 November 2024 | AKANKSHA DEAN | Agenda

Srisailam: A journey to spiritual splendour

03 November 2024 | VISHESH SHUKLA | Agenda