Piramal Enterprises Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sunsystem Institute of Information Technology Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had guaranteed the repayment of a financial debt granted to All India Society for Advance Education and Research (Original Borrower). The Original Borrower defaulted on the loan, leading to the application for CIRP against the Corporate Debtor as the guarantor.
Piramal Enterprises Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sunsystem Institute of Information Technology Private Limited (Corporate Debtor). The Financial Creditor had granted a loan of Rs. 38,00,00,000 to All India Society for Advance Education and Research (Original Borrower), which was disbursed in two tranches on 28.10.2013 (Rs. 31,17,00,000) and 01.11.2013 (Rs. 6,83,00,000). The Corporate Debtor guaranteed the repayment of the said debt under a Deed of Guarantee dated 18.10.2013. The Original Borrower defaulted on the loan, with the default date being 30.09.2017, and the amount in default was Rs. 40,28,76,461. The Financial
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The Corporate Debtor guaranteed the repayment…
Rs. 31,17,00,000…
Piramal Enterprises Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sunsystem Institute of Information Technology Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had guaranteed the repayment of a financial debt granted to All India Society for Advance Education and Research (Original Borrower). The Original Borrower defaulted on the loan, leading to the application for CIRP against the Corporate Debtor as the guarantor.
Piramal Enterprises Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sunsystem Institute of Information Technology Private Limited (Corporate Debtor). The Financial Creditor had granted a loan of Rs. 38,00,00,000 to All India Society for Advance Education and Research (Original Borrower), which was disbursed in two tranches on 28.10.2013 (Rs. 31,17,00,000) and 01.11.2013 (Rs. 6,83,00,000). The Corporate Debtor guaranteed the repayment of the said debt under a Deed of Guarantee dated 18.10.2013. The Original Borrower defaulted on the loan, with the default date being 30.09.2017, and the amount in default was Rs. 40,28,76,461. The Financial
…The Corporate Debtor guaranteed the repayment…
Rs. 31,17,00,000…