Mumbai: The National Company Law Tribunal (NCLT) has admitted Srei Infrastructure Finance‘s petition to initiate a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT after it defaulted on the repayment of a loan.
Srei Infrastructure Finance had granted a term loan of Rs 150 crore to Supreme Infrastructure BOT for a period of five years. The loan was intended for use in infrastructure projects.
Following this, various security documents were executed between both parties. However, the borrower defaulted on the loan repayments, prompting the financial creditor to recall the loan in August 2018.
Despite the recall and the outstanding amount, Supreme Infrastructure BOT continued to default on the repayment of the…
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