The court dismissed the company’s claims that with GVK Power’s resolution plan going through the debt had been extinguished.
| Photo Credit:
ANDREW KELLY
National Company Law Tribunal’s Hyderabad bench has permitted insolvency proceedings to be initiated against GVK Energy, following a petition filed by lender IDBI Bank.
GVK Energy, a subsidiary of GVK Power & Infrastructure, was corporate guarantor for debt incurred by GVK Power for a thermal power project in the Punjab.
As part of a consortium, IDBI had extended term loan of around ₹734 crore and working capital of ₹154 crore to GVK Power, which defaulted in repaying the loan and in 2018 the account…
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Many Americans are in a tight spot: Average credit card debt has topped $7,300, and nearly two-thirds say it’s delaying major life decisions. One option is to prioritize paying off that debt over 401(k) contributions. But skipping 401(k) contributions means missing out on long-term growth and, for many, ‘free’ money from their employers.
So should you pay off credit card debt first or invest for the future? Below, we explain the tradeoffs and help you choose a strategy that fits your situation.
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The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by SNJ Synthetics Limited against an order by the National Company Law Tribunal (NCLT), Chandigarh Bench-I, in a case involving PepsiCo India Holdings Private Limited. The appeal challenged the NCLT’s decision to dismiss SNJ Synthetics’ application to initiate the Corporate Insolvency Resolution Process (CIRP) against PepsiCo.
SNJ Synthetics, an MSME engaged in manufacturing PET preforms and thermoplastics, had a business relationship with PepsiCo, formalized through a Supply Agreement dated October 9, 2018. Disputes arose over unpaid dues, which SNJ Synthetics claimed amounted to ₹1,96,80,953 as of February 28, 2021. SNJ Synthetics…
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The National Company Law Tribunal (NCLT), Hyderabad Bench, on Wednesday initiated insolvency proceedings against GVK Energy Limited, a corporate guarantor for GVK Power (Goindwal Sahib) Ltd, following a petition filed by IDBI Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC). The tribunal dismissed GVK Energy’s objections, ruling that the default exceeded ₹1,106 crore and that the corporate guarantee remained enforceable despite the resolution of the principal borrower.
Key Details of the Case
IDBI Bank, part of a lender consortium, had extended a term loan of ₹733.85 crore and working capital facilities of ₹153.75 crore to GVK Power for a thermal power project in Punjab. GVK Energy acted as a…
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