Jammu and Kashmir Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Perfect Radiators & Oil Coolers Pvt. Ltd, the Corporate Debtor, which acted as a corporate guarantor for M/s LEEL Electricals Limited, the Principal Borrower.
Jammu and Kashmir Bank filed an application under Section 7 of the IBC to initiate CIRP against Perfect Radiators & Oil Coolers Pvt. Ltd.
Perfect Radiators & Oil Coolers Pvt. Ltd. is the Corporate Debtor and acted as a corporate guarantor for M/s LEEL Electricals Limited.
The Principal Borrower, M/s LEEL Electricals Limited, availed credit facilities from Jammu and Kashmir Bank.
The Corporate Debtor executed a Deed of Corporate Guarantee on 01.05.2017 in favor of the Applicant Bank.
The loan account of the Principal Borrower was classified as NPA on 31.01.2019.
The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 12.03.2019.
The Principal Borrower submitted an OTS proposal on 03.12.2019, which was rejected by the Financial Creditor on 24.01.2020.
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The Insolven…
Corporate Debtor executed a Deed of Corporate…
Jammu and Kashmir Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Perfect Radiators & Oil Coolers Pvt. Ltd, the Corporate Debtor, which acted as a corporate guarantor for M/s LEEL Electricals Limited, the Principal Borrower.
Jammu and Kashmir Bank filed an application under Section 7 of the IBC to initiate CIRP against Perfect Radiators & Oil Coolers Pvt. Ltd.
Perfect Radiators & Oil Coolers Pvt. Ltd. is the Corporate Debtor and acted as a corporate guarantor for M/s LEEL Electricals Limited.
The Principal Borrower, M/s LEEL Electricals Limited, availed credit facilities from Jammu and Kashmir Bank.
The Corporate Debtor executed a Deed of Corporate Guarantee on 01.05.2017 in favor of the Applicant Bank.
The loan account of the Principal Borrower was classified as NPA on 31.01.2019.
The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 12.03.2019.
The Principal Borrower submitted an OTS proposal on 03.12.2019, which was rejected by the Financial Creditor on 24.01.2020.
…The Insolven…
Corporate Debtor executed a Deed of Corporate…