Micro Capitals Private Limited (Financial Creditor) filed a Section 7 IBC petition against Maars Software International Limited (Corporate Guarantor) for initiating CIRP. The petition arose from a loan of Rs. 130 Crores extended by Micro Capitals to K. Sera Sera Limited (Principal Borrower), for which Maars had provided an unconditional and irrevocable guarantee of Rs. 80 Crores plus interest. The Principal Borrower defaulted on repayment by March 31, 2021, triggering Maars' liability as per the Deed of Guarantee. Despite multiple notices and requests for repayment, Maars sought extensions citing financial hardship, but failed to clear the outstanding debt of Rs. 25,86,81,258.78. CIRP had already been initiated against the principal borrower, and a resolution plan

Micro Capitals Private Limited (Financial Creditor) filed a Section 7 IBC petition against Maars Software International Limited (Corporate Guarantor) for initiating CIRP. The petition arose from a loan of Rs. 130 Crores extended by Micro Capitals to K. Sera Sera Limited (Principal Borrower), for which Maars had provided an unconditional and irrevocable guarantee of Rs. 80 Crores plus interest. The Principal Borrower defaulted on repayment by March 31, 2021, triggering Maars' liability as per the Deed of Guarantee. Despite multiple notices and requests for repayment, Maars sought extensions citing financial hardship, but failed to clear the outstanding debt of Rs. 25,86,81,258.78. CIRP had already been initiated against the principal borrower, and a resolution plan