IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(b) of the Code. The petition was against Bhatia Global Trading Limited, a Public Limited Company incorporated on 28.8.1991. IDBI had sanctioned working capital limits to Bhatia Global Trading Limited, which the company failed to repay despite repeated reminders. The outstanding principal amount was Rs. 68,90,36,417.64, with additional interest and damages totaling Rs. 82,04,12,819.41. IDBI issued demand notices, but Bhatia Global Trading Limited, acting as a corporate guarantor, failed to pay the amount due.
IDBI Bank Limited (the Petitioner) filed a petition against Bhatia Global Trading Limited (the Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Bhatia Global Trading Limited is a Public Limited Company incorporated on 28.08.1991. IDBI had sanctioned working capital limits aggregating to Rs. 75.60 Crores to the Respondent, which included fund-based and non-fund-based limits. The Respondent also mortgaged its properties and provided a corporate guarantee for financial assistance to Asian Natural Resources (India) Ltd. Despite repeated reminders, the Respondent failed to repay the outstanding principal amount of Rs. 68,90,36,417.64 and interest/damages of Rs. 13,13,76,401.77, totaling Rs. 82,04,12,819.41. IDBI issued demand notices on 17.02.2017
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Bhatia Global Trading…
Corporate Guarantee for the financial…
IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(b) of the Code. The petition was against Bhatia Global Trading Limited, a Public Limited Company incorporated on 28.8.1991. IDBI had sanctioned working capital limits to Bhatia Global Trading Limited, which the company failed to repay despite repeated reminders. The outstanding principal amount was Rs. 68,90,36,417.64, with additional interest and damages totaling Rs. 82,04,12,819.41. IDBI issued demand notices, but Bhatia Global Trading Limited, acting as a corporate guarantor, failed to pay the amount due.
IDBI Bank Limited (the Petitioner) filed a petition against Bhatia Global Trading Limited (the Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Bhatia Global Trading Limited is a Public Limited Company incorporated on 28.08.1991. IDBI had sanctioned working capital limits aggregating to Rs. 75.60 Crores to the Respondent, which included fund-based and non-fund-based limits. The Respondent also mortgaged its properties and provided a corporate guarantee for financial assistance to Asian Natural Resources (India) Ltd. Despite repeated reminders, the Respondent failed to repay the outstanding principal amount of Rs. 68,90,36,417.64 and interest/damages of Rs. 13,13,76,401.77, totaling Rs. 82,04,12,819.41. IDBI issued demand notices on 17.02.2017
…Bhatia Global Trading…
Corporate Guarantee for the financial…