State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Genegrow Commercial Pvt. Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's failure to repay loan facilities for which it acted as a corporate guarantor for the principal borrower, Gee Pee Infotech Pvt. Ltd. The account of the principal borrower was classified as a Non-Performing Asset (NPA). The Financial Creditor claimed a total outstanding amount of Rs. 162,62,23,609.63 as of 31-01-2018. The Corporate Debtor contested the application, arguing non-compliance with RBI circulars and press releases.
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Genegrow Commercial Pvt. Ltd., the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). Genegrow Commercial Pvt. Ltd. acted as a corporate guarantor for the principal borrower, Gee Pee Infotech Pvt. Ltd. SBI had granted loan and credit facilities to Genegrow Commercial Pvt. Ltd. at the request of the Corporate Debtor, to the Principal Borrower, Gee Pee Infotech Pvt. Ltd. The credit facilities were enjoyed by the Principal Borrower since March 2006 and were last sanctioned on 15th March, 2014. The Corporate Debtor executed a Deed of Guarantee dated 05-10-2009 for the overall limit with the
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The Principal Borrower had been enjoying…
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State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Genegrow Commercial Pvt. Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's failure to repay loan facilities for which it acted as a corporate guarantor for the principal borrower, Gee Pee Infotech Pvt. Ltd. The account of the principal borrower was classified as a Non-Performing Asset (NPA). The Financial Creditor claimed a total outstanding amount of Rs. 162,62,23,609.63 as of 31-01-2018. The Corporate Debtor contested the application, arguing non-compliance with RBI circulars and press releases.
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Genegrow Commercial Pvt. Ltd., the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). Genegrow Commercial Pvt. Ltd. acted as a corporate guarantor for the principal borrower, Gee Pee Infotech Pvt. Ltd. SBI had granted loan and credit facilities to Genegrow Commercial Pvt. Ltd. at the request of the Corporate Debtor, to the Principal Borrower, Gee Pee Infotech Pvt. Ltd. The credit facilities were enjoyed by the Principal Borrower since March 2006 and were last sanctioned on 15th March, 2014. The Corporate Debtor executed a Deed of Guarantee dated 05-10-2009 for the overall limit with the
…The Principal Borrower had been enjoying…
The credit facilities were last sanctioned on…