DBS Bank India Limited (DBIL), the Financial Creditor, filed an application seeking initiation of corporate insolvency resolution process against M/s. Abhisar Impex Private Limited (Corporate Debtor), who is a Corporate Guarantor. The Corporate Debtor had provided a corporate guarantee for Rs. 25 Crore in favor of M/s Vayam Technologies Limited, the principal borrower, which had availed working capital credit facilities of Rs. 25 Crore sanctioned on 01.08.2011 and renewed thereafter. The working capital facility was secured by the corporate guarantee dated 14.03.2012 extended by M/s. Abhisar Impex Private Limited and by creation of charge by way of equitable mortgage. The principal borrower defaulted, and the Corporate Guarantor also failed to honor its obligations.

DBS Bank India Limited (DBIL), the Financial Creditor, filed an application seeking initiation of corporate insolvency resolution process against M/s. Abhisar Impex Private Limited (Corporate Debtor), who is a Corporate Guarantor. The Corporate Debtor had provided a corporate guarantee for Rs. 25 Crore in favor of M/s Vayam Technologies Limited, the principal borrower, which had availed working capital credit facilities of Rs. 25 Crore sanctioned on 01.08.2011 and renewed thereafter. The working capital facility was secured by the corporate guarantee dated 14.03.2012 extended by M/s. Abhisar Impex Private Limited and by creation of charge by way of equitable mortgage. The principal borrower defaulted, and the Corporate Guarantor also failed to honor its obligations.