IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against BCC Estates Private Limited, treating it as a Corporate Guarantor/Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). IDBI Bank claimed that BCC Estates stood as a Corporate Guarantor for Asian Natural Resources India Limited, which owed the bank Rs. 38,31,06,744.44. IDBI Bank had also filed an insolvency petition against Asian Natural Resources India Ltd., which was admitted on 23.5.2017.
IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against BCC Estates Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). BCC Estates was a Corporate Guarantor for Asian Natural Resources India Limited, which owed IDBI Bank Rs. 38,31,06,744.44. IDBI Bank had already initiated CIRP against Asian Natural Resources India Ltd., which was admitted on 23.5.2017. The loan facilities granted to Asian Natural Resources India Ltd. were secured by a Guarantee Agreement executed by BCC Estates in favor of IDBI Bank on 21.2.2009. Asian Natural Resources India Ltd. availed a loan of Rs. 50.70 Crores secured by the Corporate Guarantee of BCC Estates. BCC Estates failed to make payments despite repeated
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113th Meeting of the Board of Directors of IDBI…
Comprehensive Revision…
IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against BCC Estates Private Limited, treating it as a Corporate Guarantor/Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). IDBI Bank claimed that BCC Estates stood as a Corporate Guarantor for Asian Natural Resources India Limited, which owed the bank Rs. 38,31,06,744.44. IDBI Bank had also filed an insolvency petition against Asian Natural Resources India Ltd., which was admitted on 23.5.2017.
IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against BCC Estates Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). BCC Estates was a Corporate Guarantor for Asian Natural Resources India Limited, which owed IDBI Bank Rs. 38,31,06,744.44. IDBI Bank had already initiated CIRP against Asian Natural Resources India Ltd., which was admitted on 23.5.2017. The loan facilities granted to Asian Natural Resources India Ltd. were secured by a Guarantee Agreement executed by BCC Estates in favor of IDBI Bank on 21.2.2009. Asian Natural Resources India Ltd. availed a loan of Rs. 50.70 Crores secured by the Corporate Guarantee of BCC Estates. BCC Estates failed to make payments despite repeated
…113th Meeting of the Board of Directors of IDBI…
Comprehensive Revision…