The case involves separate and independent Miscellaneous Applications filed by L&T Infrastructure Finance Company Limited against several respondents who stood as personal guarantors to the loan availed by the corporate debtor, Surana Power Limited. The applicant sought initiation of Corporate Insolvency Resolution Process (CIRP) against these personal guarantors under Section 60(2) and 60(5) of the Insolvency & Bankruptcy Code (IBC). The Corporate Debtor had availed a loan facility of ₹1800 crores from a consortium of lenders, including the applicant, and defaulted on repayment, leading to the invocation of guarantees by the applicant.
M/s. Surana Power Limited (Corporate Debtor) availed a loan facility of ₹1800 crores from a consortium of lenders, including L&T Infrastructure Finance Company Limited (Financial Creditor). The loan agreement was executed on 2010-09-24. The Corporate Debtor was required to provide an irrevocable and unconditional personal guarantee in favor of the Security Trustee. The respondents acted as personal guarantors by executing a deed of guarantee on 2010-09-24. The Corporate Debtor defaulted on repaying the loan. The Financial Creditor recalled the facility on 2015-08-07 and invoked the guarantee, demanding ₹94,03,96,178 as on 2016-03-31. The guarantors failed to make the payment. The Financial Creditor filed OA 122/2017 before the Debt Recovery Tribunal-II (DRT)
…Sign in to view the parties.
Corporate Debtor…
Respondents executed a…
The case involves separate and independent Miscellaneous Applications filed by L&T Infrastructure Finance Company Limited against several respondents who stood as personal guarantors to the loan availed by the corporate debtor, Surana Power Limited. The applicant sought initiation of Corporate Insolvency Resolution Process (CIRP) against these personal guarantors under Section 60(2) and 60(5) of the Insolvency & Bankruptcy Code (IBC). The Corporate Debtor had availed a loan facility of ₹1800 crores from a consortium of lenders, including the applicant, and defaulted on repayment, leading to the invocation of guarantees by the applicant.
M/s. Surana Power Limited (Corporate Debtor) availed a loan facility of ₹1800 crores from a consortium of lenders, including L&T Infrastructure Finance Company Limited (Financial Creditor). The loan agreement was executed on 2010-09-24. The Corporate Debtor was required to provide an irrevocable and unconditional personal guarantee in favor of the Security Trustee. The respondents acted as personal guarantors by executing a deed of guarantee on 2010-09-24. The Corporate Debtor defaulted on repaying the loan. The Financial Creditor recalled the facility on 2015-08-07 and invoked the guarantee, demanding ₹94,03,96,178 as on 2016-03-31. The guarantors failed to make the payment. The Financial Creditor filed OA 122/2017 before the Debt Recovery Tribunal-II (DRT)
…Corporate Debtor…
Respondents executed a…