The appeal challenges the Adjudicating Authority's order dated 2024-01-25, which admitted a Section 7 application filed by DBS Bank India Ltd. against Abhisar Impex Pvt. Ltd., the corporate guarantor. The application was based on a recovery certificate and a corporate guarantee. The principal borrower, Vayam Technologies Ltd., obtained working capital facilities from the financial creditor, which were renewed in 2012 and 2013. Abhisar Impex executed a corporate guarantee in 2012. The principal borrower defaulted, leading to a Loan Recall Notice in 2015. The financial creditor filed an OA before the Debt Recovery Tribunal (DRT) in 2015. A settlement was reached, but the corporate debtor failed to abide by its terms. Subsequently, the financial creditor filed an MA
…Vayam Technologies Ltd. (principal borrower) obtained working capital facilities from DBS Bank India Ltd. (financial creditor). These facilities were renewed on 2012-09-13 and 2013-11-22. Abhisar Impex Pvt. Ltd. (corporate debtor) executed a corporate guarantee on 2012-03-14 to guarantee the repayment. The principal borrower defaulted, and the financial creditor issued a Loan Recall Notice on 2015-06-20. The financial creditor filed OA No.466 of 2015 before the Debt Recovery Tribunal (DRT). A settlement was reached, allowed by order dated 2016-07-18, but the corporate debtor failed to abide by the terms. The financial creditor filed M.A No. 135/2017 before the DRT for a Recovery Certificate. The DRT issued a Recovery Certificate on 2019-07-15 for Rs. 23,29,19,212.46/-
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Abhisar Impex Pvt. Ltd. executed a corporate…
Financial creditor issued Loan Recall Notice to…
The appeal challenges the Adjudicating Authority's order dated 2024-01-25, which admitted a Section 7 application filed by DBS Bank India Ltd. against Abhisar Impex Pvt. Ltd., the corporate guarantor. The application was based on a recovery certificate and a corporate guarantee. The principal borrower, Vayam Technologies Ltd., obtained working capital facilities from the financial creditor, which were renewed in 2012 and 2013. Abhisar Impex executed a corporate guarantee in 2012. The principal borrower defaulted, leading to a Loan Recall Notice in 2015. The financial creditor filed an OA before the Debt Recovery Tribunal (DRT) in 2015. A settlement was reached, but the corporate debtor failed to abide by its terms. Subsequently, the financial creditor filed an MA
…Vayam Technologies Ltd. (principal borrower) obtained working capital facilities from DBS Bank India Ltd. (financial creditor). These facilities were renewed on 2012-09-13 and 2013-11-22. Abhisar Impex Pvt. Ltd. (corporate debtor) executed a corporate guarantee on 2012-03-14 to guarantee the repayment. The principal borrower defaulted, and the financial creditor issued a Loan Recall Notice on 2015-06-20. The financial creditor filed OA No.466 of 2015 before the Debt Recovery Tribunal (DRT). A settlement was reached, allowed by order dated 2016-07-18, but the corporate debtor failed to abide by the terms. The financial creditor filed M.A No. 135/2017 before the DRT for a Recovery Certificate. The DRT issued a Recovery Certificate on 2019-07-15 for Rs. 23,29,19,212.46/-
…Abhisar Impex Pvt. Ltd. executed a corporate…
Financial creditor issued Loan Recall Notice to…