Dena Bank (now Bank of Baroda) filed two applications under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against two corporate guarantors, M/s. Utility Agrotech Industries Pvt. Ltd. and M/s. Supreme Fine Fab Pvt. Ltd., for the same principal borrower, M/s. Supreme (India) Impex Limited. CP(IB) 131 of 2019 was filed against M/s. Utility Agrotech Industries Pvt. Ltd., and CP(IB) 132 of 2019 was filed against M/s. Supreme Fine Fab Pvt. Ltd. Both corporate guarantors allegedly defaulted in paying the financial debt. The date of default for CP(IB) 131 is stated as 2018-06-13, with a debt of Rs. 55,38,117/-, and for CP(IB) 132, the debt is Rs. 58,75,000/-. The applications sought to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate
…Dena Bank (now Bank of Baroda) filed applications CP(IB) 131 of 2019 and CP(IB) 132 of 2019 under Section 7 of the IBC, 2016, against M/s. Utility Agrotech Industries Pvt. Ltd. and M/s. Supreme Fine Fab Pvt. Ltd., respectively. Both companies acted as corporate guarantors for the same principal borrower, M/s. Supreme (India) Impex Limited. M/s. Utility Agrotech Industries Pvt. Ltd. and M/s. Supreme (India) Impex Limited executed a deed of guarantee on 2018-01-02. The principal borrower defaulted in paying the loan amount, leading the Financial Creditor to invoke the guarantees via a letter dated 2019-01-17. The corporate guarantors failed to comply with the demand. The date of default for CP(IB) 131 is stated as 2018-06-13, with a debt of Rs. 55,38,117/-, and for
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Supreme (India) Impex Limited and M/s. Utility…
The date of default for…
Dena Bank (now Bank of Baroda) filed two applications under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against two corporate guarantors, M/s. Utility Agrotech Industries Pvt. Ltd. and M/s. Supreme Fine Fab Pvt. Ltd., for the same principal borrower, M/s. Supreme (India) Impex Limited. CP(IB) 131 of 2019 was filed against M/s. Utility Agrotech Industries Pvt. Ltd., and CP(IB) 132 of 2019 was filed against M/s. Supreme Fine Fab Pvt. Ltd. Both corporate guarantors allegedly defaulted in paying the financial debt. The date of default for CP(IB) 131 is stated as 2018-06-13, with a debt of Rs. 55,38,117/-, and for CP(IB) 132, the debt is Rs. 58,75,000/-. The applications sought to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate
…Dena Bank (now Bank of Baroda) filed applications CP(IB) 131 of 2019 and CP(IB) 132 of 2019 under Section 7 of the IBC, 2016, against M/s. Utility Agrotech Industries Pvt. Ltd. and M/s. Supreme Fine Fab Pvt. Ltd., respectively. Both companies acted as corporate guarantors for the same principal borrower, M/s. Supreme (India) Impex Limited. M/s. Utility Agrotech Industries Pvt. Ltd. and M/s. Supreme (India) Impex Limited executed a deed of guarantee on 2018-01-02. The principal borrower defaulted in paying the loan amount, leading the Financial Creditor to invoke the guarantees via a letter dated 2019-01-17. The corporate guarantors failed to comply with the demand. The date of default for CP(IB) 131 is stated as 2018-06-13, with a debt of Rs. 55,38,117/-, and for
…Supreme (India) Impex Limited and M/s. Utility…
The date of default for…