Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maximum Agency Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Axis Bank, the Financial Creditor, claimed that Maximum Agency, the Corporate Debtor, defaulted on a term loan. The Corporate Debtor also acted as a corporate guarantor for loans availed by Quantum Minerals & Metals Private Limited. The Financial Creditor sought to consolidate the loans availed by the Corporate Debtor and the loans for which it stood as a guarantor.
Axis Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maximum Agency Private Limited, the Corporate Debtor. The Financial Creditor had granted a term loan of Rs. 4,70,00,000/- to the Corporate Debtor in 2009, which was later revised to Rs. 4,55,00,000/-. The Corporate Debtor also acted as a corporate guarantor for loans availed by Quantum Minerals & Metals Private Limited. The Corporate Debtor executed a Deed of Guarantee dated 10th July, 2012 to the extent of Rs. 5,00,00,000/-. The loan facility obtained by the Corporate Debtor from the Financial Creditor as on June 30, 2018, was Rs. 5,86,87,913/-, which was overdue. The Financial Creditor initiated proceedings before the Debt Recovery
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Financial Creditor granted a Term Loan to the…
Loan Agreement entered…
Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maximum Agency Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Axis Bank, the Financial Creditor, claimed that Maximum Agency, the Corporate Debtor, defaulted on a term loan. The Corporate Debtor also acted as a corporate guarantor for loans availed by Quantum Minerals & Metals Private Limited. The Financial Creditor sought to consolidate the loans availed by the Corporate Debtor and the loans for which it stood as a guarantor.
Axis Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maximum Agency Private Limited, the Corporate Debtor. The Financial Creditor had granted a term loan of Rs. 4,70,00,000/- to the Corporate Debtor in 2009, which was later revised to Rs. 4,55,00,000/-. The Corporate Debtor also acted as a corporate guarantor for loans availed by Quantum Minerals & Metals Private Limited. The Corporate Debtor executed a Deed of Guarantee dated 10th July, 2012 to the extent of Rs. 5,00,00,000/-. The loan facility obtained by the Corporate Debtor from the Financial Creditor as on June 30, 2018, was Rs. 5,86,87,913/-, which was overdue. The Financial Creditor initiated proceedings before the Debt Recovery
…Financial Creditor granted a Term Loan to the…
Loan Agreement entered…