Corporation Bank, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against DMC Infrastructure Private Limited, the Corporate Debtor (CD). The CD acted as a corporate guarantor for two principal borrowers, J.B. Gold Private Limited and Roshini Jewellers Private Limited. The FC had sanctioned Overdraft (OD) facilities to these principal borrowers, and the CD had executed guarantee agreements in favor of the FC. Both principal borrowers defaulted on their loan repayments, leading to their accounts being declared Non-Performing Assets (NPAs). The FC issued notices under Section 13(2) of the SARFAESI Act and filed recovery suits before the Debt
…Corporation Bank (FC) sanctioned Overdraft (OD) facilities to principal borrowers Roshini Jewellers Pvt Ltd and J.B. Gold Pvt Ltd. DMC Infrastructure Pvt Ltd (CD) acted as a corporate guarantor for these loans. The OD facility sanctioned to Roshini Jewellers Pvt Ltd was for Rs 9.00 crore on 2013-06-25, and a guarantee agreement was executed by CD on 2013-06-27. Similarly, an OD facility of Rs 9.00 crore was sanctioned to J.B. Gold Pvt Ltd on 2013-06-25, with a guarantee agreement executed by CD on 2013-06-27. Both principal borrowers failed to repay the loan amounts, and their accounts were declared NPAs on 2017-06-16 and 2017-09-30, respectively. The FC issued notices under section 13(2) of the SARFAESI Act and filed recovery suits before the Debt Recovery Tribunal
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DMC Infrastruc…
FC sanctioned Overdraft (OD) facility of Rs…
Corporation Bank, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against DMC Infrastructure Private Limited, the Corporate Debtor (CD). The CD acted as a corporate guarantor for two principal borrowers, J.B. Gold Private Limited and Roshini Jewellers Private Limited. The FC had sanctioned Overdraft (OD) facilities to these principal borrowers, and the CD had executed guarantee agreements in favor of the FC. Both principal borrowers defaulted on their loan repayments, leading to their accounts being declared Non-Performing Assets (NPAs). The FC issued notices under Section 13(2) of the SARFAESI Act and filed recovery suits before the Debt
…Corporation Bank (FC) sanctioned Overdraft (OD) facilities to principal borrowers Roshini Jewellers Pvt Ltd and J.B. Gold Pvt Ltd. DMC Infrastructure Pvt Ltd (CD) acted as a corporate guarantor for these loans. The OD facility sanctioned to Roshini Jewellers Pvt Ltd was for Rs 9.00 crore on 2013-06-25, and a guarantee agreement was executed by CD on 2013-06-27. Similarly, an OD facility of Rs 9.00 crore was sanctioned to J.B. Gold Pvt Ltd on 2013-06-25, with a guarantee agreement executed by CD on 2013-06-27. Both principal borrowers failed to repay the loan amounts, and their accounts were declared NPAs on 2017-06-16 and 2017-09-30, respectively. The FC issued notices under section 13(2) of the SARFAESI Act and filed recovery suits before the Debt Recovery Tribunal
…DMC Infrastruc…
FC sanctioned Overdraft (OD) facility of Rs…