State Bank of India filed a Company Application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Aditya Fabrication Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on Aditya Fabrication's failure to discharge its duty as a guarantor for a loan of ₹104 Crores sanctioned to Aditya Vidyut Appliances Limited (Borrower). CIRP had already been initiated against the Principal Borrower, Aditya Vidyut Appliances Limited, by an Operational Creditor. The borrower defaulted in repaying a total outstanding of ₹72,63,63,218.08 as of 31.08.2019. State Bank of India, as the Financial Creditor, invoked the guarantee and sought CIRP against Aditya Fabrication Private Limited.
State Bank of India (SBI) sanctioned a loan of ₹104 Crores to Aditya Vidyut Appliances Limited (Borrower). Aditya Fabrication Private Limited acted as a guarantor for this loan. The Borrower defaulted on repayments, with a total outstanding of ₹72,63,63,218.08 as of 31.08.2019. SBI, as the Financial Creditor, invoked the guarantee provided by Aditya Fabrication Private Limited. CIRP had already been initiated against the Principal Borrower, Aditya Vidyut Appliances Limited, through CP 193/2019. Aditya Fabrication Private Limited executed a Deed of Guarantee in favor of the Consortium arrangement. The outstanding was secured by way of the Joint Deed of Hypothecation and Supplemental Joint Deed of Hypothecation, registered mortgage, charge over the property of the
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The Borrower Company (Aditya Vidyut…
Corporate Debtor executed the Deed of Guarantee…
State Bank of India filed a Company Application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Aditya Fabrication Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on Aditya Fabrication's failure to discharge its duty as a guarantor for a loan of ₹104 Crores sanctioned to Aditya Vidyut Appliances Limited (Borrower). CIRP had already been initiated against the Principal Borrower, Aditya Vidyut Appliances Limited, by an Operational Creditor. The borrower defaulted in repaying a total outstanding of ₹72,63,63,218.08 as of 31.08.2019. State Bank of India, as the Financial Creditor, invoked the guarantee and sought CIRP against Aditya Fabrication Private Limited.
State Bank of India (SBI) sanctioned a loan of ₹104 Crores to Aditya Vidyut Appliances Limited (Borrower). Aditya Fabrication Private Limited acted as a guarantor for this loan. The Borrower defaulted on repayments, with a total outstanding of ₹72,63,63,218.08 as of 31.08.2019. SBI, as the Financial Creditor, invoked the guarantee provided by Aditya Fabrication Private Limited. CIRP had already been initiated against the Principal Borrower, Aditya Vidyut Appliances Limited, through CP 193/2019. Aditya Fabrication Private Limited executed a Deed of Guarantee in favor of the Consortium arrangement. The outstanding was secured by way of the Joint Deed of Hypothecation and Supplemental Joint Deed of Hypothecation, registered mortgage, charge over the property of the
…The Borrower Company (Aditya Vidyut…
Corporate Debtor executed the Deed of Guarantee…