The case involves a petition filed by M/s.Invent Assets Securitization and Reconstruction Private Limited (Petitioner) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.APF Estates Private Limited (Respondent), who acted as a guarantor for a loan taken by M/s.MBX Impex Private Limited (Borrower) from Indian Bank (Lender). The Indian Bank assigned the debt to the petitioner. The borrower defaulted on the loan, leading to the account being classified as NPA. The petitioner invoked the guarantee and filed the petition after the borrower and guarantors failed to repay the debt.
M/s.MBX Impex Private Limited (Borrower) took a loan from Indian Bank (Lender). M/s.APF Estates Private Limited (Respondent) acted as a guarantor for the loan. Indian Bank sanctioned open cash credit for Rs.10 crores and bank guarantee of Rs.90 crores in favor of the borrower vide letter Annexure B dated 02.05.2009. The respondent executed a Guarantee Deed Annexure D dated 11.08.2009. The borrower's account became NPA on 31.03.2012. Indian Bank assigned the debt to M/s.Invent Assets Securitization and Reconstruction Private Limited (Petitioner) vide Annexure H dated 30.07.2014. The petitioner issued a notice Annexure G dated 30.04.2012 under Section 13(2) of the SARFAESI Act when the borrower and guarantors failed to repay the loan. The petitioner also filed OA No.463
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Indian Bank sanctioned open cash credit for…
The respondent executed…
The case involves a petition filed by M/s.Invent Assets Securitization and Reconstruction Private Limited (Petitioner) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.APF Estates Private Limited (Respondent), who acted as a guarantor for a loan taken by M/s.MBX Impex Private Limited (Borrower) from Indian Bank (Lender). The Indian Bank assigned the debt to the petitioner. The borrower defaulted on the loan, leading to the account being classified as NPA. The petitioner invoked the guarantee and filed the petition after the borrower and guarantors failed to repay the debt.
M/s.MBX Impex Private Limited (Borrower) took a loan from Indian Bank (Lender). M/s.APF Estates Private Limited (Respondent) acted as a guarantor for the loan. Indian Bank sanctioned open cash credit for Rs.10 crores and bank guarantee of Rs.90 crores in favor of the borrower vide letter Annexure B dated 02.05.2009. The respondent executed a Guarantee Deed Annexure D dated 11.08.2009. The borrower's account became NPA on 31.03.2012. Indian Bank assigned the debt to M/s.Invent Assets Securitization and Reconstruction Private Limited (Petitioner) vide Annexure H dated 30.07.2014. The petitioner issued a notice Annexure G dated 30.04.2012 under Section 13(2) of the SARFAESI Act when the borrower and guarantors failed to repay the loan. The petitioner also filed OA No.463
…Indian Bank sanctioned open cash credit for…
The respondent executed…