The financial creditor, IDBI Bank Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wizcraft International Entertainment Private Limited (Corporate Debtor) due to default in repayment of financial debt. The Corporate Debtor had provided corporate guarantees for loans granted to Great Indian Nautanki Company Private Limited (Borrower). The petition was filed after the borrower defaulted and the guarantees were invoked.
IDBI Bank Limited (Petitioner/Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wizcraft International Entertainment Private Limited (Corporate Debtor). The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, who had acted as a corporate guarantor for financial facilities extended to Great Indian Nautanki Company Private Limited (Borrower). The total principal amount of debt disbursed under the Facility Agreements was Rs. 56.70 Crores, with a total default amount of Rs. 60,39,87,991.41/- as of June 1, 2019. The Petitioner had granted various financial facilities to the Borrower, including term loans, cash credit limits, and bank guarantees, starting from
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IDBI Bank Limited sanctioned a term loan of…
Wizcraft International Entertainment…
The financial creditor, IDBI Bank Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wizcraft International Entertainment Private Limited (Corporate Debtor) due to default in repayment of financial debt. The Corporate Debtor had provided corporate guarantees for loans granted to Great Indian Nautanki Company Private Limited (Borrower). The petition was filed after the borrower defaulted and the guarantees were invoked.
IDBI Bank Limited (Petitioner/Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wizcraft International Entertainment Private Limited (Corporate Debtor). The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, who had acted as a corporate guarantor for financial facilities extended to Great Indian Nautanki Company Private Limited (Borrower). The total principal amount of debt disbursed under the Facility Agreements was Rs. 56.70 Crores, with a total default amount of Rs. 60,39,87,991.41/- as of June 1, 2019. The Petitioner had granted various financial facilities to the Borrower, including term loans, cash credit limits, and bank guarantees, starting from
…IDBI Bank Limited sanctioned a term loan of…
Wizcraft International Entertainment…