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News Entry# 538033
Jan 18 (21:16) Indian Bank Files Insolvency Petition Against Mumbai Metro Over Loan Defaults
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Entry# 5946203   
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Indian Bank files case against Mumbai Metro in bankruptcy court

Indian Bank has filed an insolvency petition against Mumbai Metro One Private Limited (MMOPL) due to loan defaults. This follows similar actions by IDBI Bank and State Bank of India. MMOPL, a joint venture between Reliance Infrastructure Ltd and Mumbai Metropolitan Regional Development Authority (MMRDA), owes a total of Rs 1,711...
more...
crore to a consortium of six lenders. The bank's action is based on Section 7 of the Insolvency and Bankruptcy Code (IBC), which allows creditors to initiate a corporate insolvency resolution process (CIRP) for loan defaults.

Indian Bank ne Mumbai Metro One Private Limited (MMOPL) ke upar loan defaults ki wajah se insolvency petition daal diya hai. Isse pehle IDBI Bank aur State Bank of India ne bhi aisa hi action liya tha. MMOPL, Reliance Infrastructure Ltd aur Mumbai Metropolitan Regional Development Authority (MMRDA) ka joint venture...
more...
hai, aur yeh chhe lenders ke consortium ko Rs 1,711 crore ka debt deta hai. Bank ka action Insolvency and Bankruptcy Code (IBC) ke Section 7 pe based hai, jiske under creditors loan defaults ki wajah se corporate insolvency resolution process (CIRP) start kar sakte hain.
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