The case involves a petition filed by M/S. Vidarbha Iron and Steel Corporation Limited, the Corporate Debtor, under Section 10 of the Insolvency & Bankruptcy Code 2016, seeking to declare itself insolvent. The Corporate Debtor is also a guarantor for loans provided to its sister concern, Facor Steel Limited. The application is based on a default in payment as a Guarantor to the banks as Financial Creditor of M/s. Facor Steels Limited viz. Bank of India and Indian Overseas Bank. The Corporate Debtor had filed the Petition on Form 6 on 2017-11-27.
M/S. Vidarbha Iron and Steel Corporation Limited, the Corporate Debtor, filed a petition under Section 10 of the Insolvency & Bankruptcy Code 2016 to declare itself insolvent. The company was incorporated in 1972 to manufacture Basic Iron & Steel. The Corporate Debtor is a 'Corporate Guarantor' to loans provided to Facor Steel Limited. The application is based on a default in payment as a Guarantor to the banks as Financial Creditor of M/s. Facor Steels Limited viz. Bank of India and Indian Overseas Bank. The Corporate Debtor has filed this Application based on a default in payment as a Guarantor to the banks as Financial Creditor of M/s. Facor Steels Limited viz. Bank of India and Indian Overseas Bank. Also Guarantor of Operational Creditor M/s. Ind Inv Trust
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M/s Vidarbha Iron and Steel Corporation…
Agreement executed between Maharashtra…
The case involves a petition filed by M/S. Vidarbha Iron and Steel Corporation Limited, the Corporate Debtor, under Section 10 of the Insolvency & Bankruptcy Code 2016, seeking to declare itself insolvent. The Corporate Debtor is also a guarantor for loans provided to its sister concern, Facor Steel Limited. The application is based on a default in payment as a Guarantor to the banks as Financial Creditor of M/s. Facor Steels Limited viz. Bank of India and Indian Overseas Bank. The Corporate Debtor had filed the Petition on Form 6 on 2017-11-27.
M/S. Vidarbha Iron and Steel Corporation Limited, the Corporate Debtor, filed a petition under Section 10 of the Insolvency & Bankruptcy Code 2016 to declare itself insolvent. The company was incorporated in 1972 to manufacture Basic Iron & Steel. The Corporate Debtor is a 'Corporate Guarantor' to loans provided to Facor Steel Limited. The application is based on a default in payment as a Guarantor to the banks as Financial Creditor of M/s. Facor Steels Limited viz. Bank of India and Indian Overseas Bank. The Corporate Debtor has filed this Application based on a default in payment as a Guarantor to the banks as Financial Creditor of M/s. Facor Steels Limited viz. Bank of India and Indian Overseas Bank. Also Guarantor of Operational Creditor M/s. Ind Inv Trust
…M/s Vidarbha Iron and Steel Corporation…
Agreement executed between Maharashtra…