Seri Infrastructure (P) Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process against Assam Company India Ltd. Seri Infrastructure claimed that Assam Company India Ltd. was a guarantor for a loan taken by Gujrat Hydrocarbons & Power SEZ Limited, which defaulted on its repayment obligations. Seri Infrastructure had also initiated proceedings before the Debt Recovery Tribunal (DRT), Kolkata, for recovery of the same debt.
Gujrat Hydrocarbons & Power SEZ Limited (Principal Borrower) approached Seri Infrastructure (P) Ltd. (Financial Creditor) for a term loan of Rs. 100 crores. The loan was granted with the condition that it would be repaid with interest in four equal quarterly installments. Assam Company India Ltd. (Corporate Debtor) acted as one of the guarantors for the loan, executing an irrevocable, unconditional, and continuing guarantee in favor of Seri Infrastructure. The principal borrower defaulted on the repayment schedule, leading Seri Infrastructure to issue a notice to the principal debtor. Seri Infrastructure also filed an application under Section 19 of the Debt Recovery Tribunal Act. The principal debtor failed to repay the loan, Seri Infrastructure filed an
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Assam Company India Ltd. executed an…
Principal borrower failed to repay the loan in…
Seri Infrastructure (P) Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process against Assam Company India Ltd. Seri Infrastructure claimed that Assam Company India Ltd. was a guarantor for a loan taken by Gujrat Hydrocarbons & Power SEZ Limited, which defaulted on its repayment obligations. Seri Infrastructure had also initiated proceedings before the Debt Recovery Tribunal (DRT), Kolkata, for recovery of the same debt.
Gujrat Hydrocarbons & Power SEZ Limited (Principal Borrower) approached Seri Infrastructure (P) Ltd. (Financial Creditor) for a term loan of Rs. 100 crores. The loan was granted with the condition that it would be repaid with interest in four equal quarterly installments. Assam Company India Ltd. (Corporate Debtor) acted as one of the guarantors for the loan, executing an irrevocable, unconditional, and continuing guarantee in favor of Seri Infrastructure. The principal borrower defaulted on the repayment schedule, leading Seri Infrastructure to issue a notice to the principal debtor. Seri Infrastructure also filed an application under Section 19 of the Debt Recovery Tribunal Act. The principal debtor failed to repay the loan, Seri Infrastructure filed an
…Assam Company India Ltd. executed an…
Principal borrower failed to repay the loan in…