The case involves an application filed by Srei Equipment Finance Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Concast Infratech Limited. The financial creditor claims that the corporate debtor defaulted on loan repayments. The corporate debtor availed two loans aggregating to Rs.69,120,408/- by executing two Loan-cum-Hypothecation Agreements dated 31st December 2013 and 03rd December 2013. The corporate debtor also provided a corporate guarantee and a personal guarantee was given by Mr. Sanjay Kumar Sureka.
Srei Equipment Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Concast Infratech Limited. Concast Infratech Limited availed two loans aggregating to Rs.69,120,408/- from Srei Equipment Finance Limited, evidenced by Loan-cum-Hypothecation Agreements dated December 31, 2013, and December 3, 2013. The Corporate Debtor also gave a corporate guarantee under a corporate guarantee agreement dated 31st December, 2013. A personal guarantee was given by Mr. Sanjay Kumar Sureka. The Corporate Debtor defaulted on monthly installments starting February 3, 2016, for the agreement dated December 3, 2013, and February 23, 2016, for the agreement dated December 31, 2013. Arbitration proceedings were initiated,
…Sign in to view the parties.
Corporate Debtor availed two loans…
Corporate Debtor…
The case involves an application filed by Srei Equipment Finance Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Concast Infratech Limited. The financial creditor claims that the corporate debtor defaulted on loan repayments. The corporate debtor availed two loans aggregating to Rs.69,120,408/- by executing two Loan-cum-Hypothecation Agreements dated 31st December 2013 and 03rd December 2013. The corporate debtor also provided a corporate guarantee and a personal guarantee was given by Mr. Sanjay Kumar Sureka.
Srei Equipment Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Concast Infratech Limited. Concast Infratech Limited availed two loans aggregating to Rs.69,120,408/- from Srei Equipment Finance Limited, evidenced by Loan-cum-Hypothecation Agreements dated December 31, 2013, and December 3, 2013. The Corporate Debtor also gave a corporate guarantee under a corporate guarantee agreement dated 31st December, 2013. A personal guarantee was given by Mr. Sanjay Kumar Sureka. The Corporate Debtor defaulted on monthly installments starting February 3, 2016, for the agreement dated December 3, 2013, and February 23, 2016, for the agreement dated December 31, 2013. Arbitration proceedings were initiated,
…Corporate Debtor availed two loans…
Corporate Debtor…