The case involves a petition filed by M/s.BMD Private Limited (Financial Creditor) against M/s. SVL Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter pertains to a term sheet executed between the Financial Creditor (FC) and Leitwind Shriram Manufacturing Private Limited (LSML), a subsidiary of the Corporate Debtor, for setting up a 12 MW wind farm. The FC had released funds to LSML against an advance bank guarantee. Subsequently, the parties decided not to continue with the contract, and LSML agreed to refund the sums received. The Corporate Debtor executed a corporate guarantee in favor of the FC. When LSML failed to refund the amount, the FC invoked the corporate guarantee and filed a petition under Section 7 of the
…M/s.BMD Private Limited (Financial Creditor) filed a petition against M/s. SVL Limited (Corporate Debtor) under Section 7 of the IBC, 2016. The Corporate Debtor is a public limited investment company. M/s.BMD Renewable Energy Private Limited, a private company, is a wholly-owned subsidiary of the Financial Creditor. Leitwind Shriram Manufacturing Private Limited (LSML) is a subsidiary of the Corporate Debtor. The FC and LSML executed a term sheet on 04.09.2015 for setting up a 12 MW wind farm. The FC released INR 5,97,00,000 to LSML on 30.12.2015 against an advance bank guarantee. BMD Renewable remitted INR 2,81,18,000 to LSML on 15.02.2016. The parties mutually decided not to continue with the contract, and LSML agreed to refund the sums received. LSML was liable to
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The FC and LSML…
The FC released INR…
The case involves a petition filed by M/s.BMD Private Limited (Financial Creditor) against M/s. SVL Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter pertains to a term sheet executed between the Financial Creditor (FC) and Leitwind Shriram Manufacturing Private Limited (LSML), a subsidiary of the Corporate Debtor, for setting up a 12 MW wind farm. The FC had released funds to LSML against an advance bank guarantee. Subsequently, the parties decided not to continue with the contract, and LSML agreed to refund the sums received. The Corporate Debtor executed a corporate guarantee in favor of the FC. When LSML failed to refund the amount, the FC invoked the corporate guarantee and filed a petition under Section 7 of the
…M/s.BMD Private Limited (Financial Creditor) filed a petition against M/s. SVL Limited (Corporate Debtor) under Section 7 of the IBC, 2016. The Corporate Debtor is a public limited investment company. M/s.BMD Renewable Energy Private Limited, a private company, is a wholly-owned subsidiary of the Financial Creditor. Leitwind Shriram Manufacturing Private Limited (LSML) is a subsidiary of the Corporate Debtor. The FC and LSML executed a term sheet on 04.09.2015 for setting up a 12 MW wind farm. The FC released INR 5,97,00,000 to LSML on 30.12.2015 against an advance bank guarantee. BMD Renewable remitted INR 2,81,18,000 to LSML on 15.02.2016. The parties mutually decided not to continue with the contract, and LSML agreed to refund the sums received. LSML was liable to
…The FC and LSML…
The FC released INR…