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 the Corporate Insolvency Resolution Process. The application stems from BCC Estates' role as a corporate guarantor for a loan provided to Bhatia Global Trading Ltd., which defaulted on its payments.
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. BCC Estates acted as a corporate guarantor for financial assistance of Rs. 85.00 Crores granted to Bhatia Global Trading Ltd. on 17.3.2011. Bhatia Global Trading Ltd. availed a loan aggregating to Rs. 80 Crores, secured by the corporate guarantee of BCC Estates. Bhatia Global Trading Ltd. defaulted on the loan, leading IDBI Bank to issue a notice on 7th March, 2017, demanding payment of Rs. 82,04,12,819.41 plus interest. BCC Estates failed to make the payment. IDBI Bank had also filed an insolvency petition against Bhatia Global Trading Ltd., which was admitted on 23.5.2017.
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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 the Corporate Insolvency Resolution Process. The application stems from BCC Estates' role as a corporate guarantor for a loan provided to Bhatia Global Trading Ltd., which defaulted on its payments.
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. BCC Estates acted as a corporate guarantor for financial assistance of Rs. 85.00 Crores granted to Bhatia Global Trading Ltd. on 17.3.2011. Bhatia Global Trading Ltd. availed a loan aggregating to Rs. 80 Crores, secured by the corporate guarantee of BCC Estates. Bhatia Global Trading Ltd. defaulted on the loan, leading IDBI Bank to issue a notice on 7th March, 2017, demanding payment of Rs. 82,04,12,819.41 plus interest. BCC Estates failed to make the payment. IDBI Bank had also filed an insolvency petition against Bhatia Global Trading Ltd., which was admitted on 23.5.2017.
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