Corporation Bank, a 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 is a corporate guarantor for two principal borrowers, J.B. Gold Private Limited and Roshini Jewellers Private Limited, for a debt of Rs 22.85 crore as of 10.03.2020. The FC had sanctioned Overdraft (OD) facilities to the principal borrowers, and guarantee agreements were executed by the CD in favor of the FC. The principal borrowers defaulted on their loan repayments and were declared NPAs. The FC issued notices under Section 13(2) of the SARFAESI Act and filed a recovery suit before the Debt Recovery

Corporation Bank, a 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 is a corporate guarantor for two principal borrowers, J.B. Gold Private Limited and Roshini Jewellers Private Limited, for a debt of Rs 22.85 crore as of 10.03.2020. The FC had sanctioned Overdraft (OD) facilities to the principal borrowers, and guarantee agreements were executed by the CD in favor of the FC. The principal borrowers defaulted on their loan repayments and were declared NPAs. The FC issued notices under Section 13(2) of the SARFAESI Act and filed a recovery suit before the Debt Recovery