The appeal arises from an order dated 16.06.2023 by the NCLT Mumbai Bench, which dismissed a Section 7 petition filed by IDBI Bank against ARM Infra & Utilities Pvt. Ltd. The petition sought to initiate CIRP based on a corporate guarantee.
IDBI Bank sanctioned credit facilities to Wire and Wireless (India) Ltd. (later Siti Networks Ltd.), secured by a corporate guarantee from Zee Entertainment Enterprises Ltd.
ARM Infra & Utilities Pvt. Ltd. executed corporate guarantees in favor of IDBI Bank on 31.12.2014 and 29.02.2016, covering the obligations of Siti Networks Ltd.
Siti Networks Ltd.'s account was declared an NPA on 31.01.2020.
IDBI Bank issued a recall notice on 18.02.2021 and a formal demand notice on 05.03.2021 to ARM Infra & Utilities Pvt. Ltd., invoking the corporate guarantees.
IDBI Bank filed a Section 7 petition on 11.01.2023, which was dismissed by the NCLT on 16.06.2023 based on Section 10A of the IBC.
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IDBI Bank sanctioned a Cash Credit facility of…
ARM Infra & Utilities…
The appeal arises from an order dated 16.06.2023 by the NCLT Mumbai Bench, which dismissed a Section 7 petition filed by IDBI Bank against ARM Infra & Utilities Pvt. Ltd. The petition sought to initiate CIRP based on a corporate guarantee.
IDBI Bank sanctioned credit facilities to Wire and Wireless (India) Ltd. (later Siti Networks Ltd.), secured by a corporate guarantee from Zee Entertainment Enterprises Ltd.
ARM Infra & Utilities Pvt. Ltd. executed corporate guarantees in favor of IDBI Bank on 31.12.2014 and 29.02.2016, covering the obligations of Siti Networks Ltd.
Siti Networks Ltd.'s account was declared an NPA on 31.01.2020.
IDBI Bank issued a recall notice on 18.02.2021 and a formal demand notice on 05.03.2021 to ARM Infra & Utilities Pvt. Ltd., invoking the corporate guarantees.
IDBI Bank filed a Section 7 petition on 11.01.2023, which was dismissed by the NCLT on 16.06.2023 based on Section 10A of the IBC.
…IDBI Bank sanctioned a Cash Credit facility of…
ARM Infra & Utilities…