The case involves an application filed by M/s. Baobab Broadband Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. Gemini Communication Limited, the Corporate Debtor/Guarantor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor opposed the application, arguing that there was no debt due and that the guarantee was conditional on the transfer of shares.
M/s. Baobab Broadband Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Gemini Communication Limited, the Corporate Debtor/Guarantor. The Financial Creditor claimed an amount of USD 15,60,000/- disbursed between June 2010 and March 26, 2013, with the amount in default being USD 19,57,441/-. A Loan Agreement was entered into on June 12, 2010, among the Financial Creditor, M/s. GCL Infotek (the Borrower), M/s. Gemini Communication Limited (the Corporate Debtor/Guarantor), and RB DMCC, whereby the Financial Creditor agreed to pay USD 2 Million to M/s. GCL Infotek. The Corporate Debtor/Guarantor executed a 'Deed of Guarantee' in favor of the Financial Creditor to secure the repayment of the loan
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Loan Agreement entered into among…
Corporate Debtor/Guarantor executed a 'Deed…
The case involves an application filed by M/s. Baobab Broadband Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. Gemini Communication Limited, the Corporate Debtor/Guarantor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor opposed the application, arguing that there was no debt due and that the guarantee was conditional on the transfer of shares.
M/s. Baobab Broadband Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Gemini Communication Limited, the Corporate Debtor/Guarantor. The Financial Creditor claimed an amount of USD 15,60,000/- disbursed between June 2010 and March 26, 2013, with the amount in default being USD 19,57,441/-. A Loan Agreement was entered into on June 12, 2010, among the Financial Creditor, M/s. GCL Infotek (the Borrower), M/s. Gemini Communication Limited (the Corporate Debtor/Guarantor), and RB DMCC, whereby the Financial Creditor agreed to pay USD 2 Million to M/s. GCL Infotek. The Corporate Debtor/Guarantor executed a 'Deed of Guarantee' in favor of the Financial Creditor to secure the repayment of the loan
…Loan Agreement entered into among…
Corporate Debtor/Guarantor executed a 'Deed…