The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) for the initiation of the Corporate Insolvency Resolution Process (CIRP) by Mr. Shaikh Mohammad Tariq against Aegis Forging Ltd. The Financial Creditor, Mr. Tariq, had provided a personal guarantee to the creditors/investors of Aegis Forging Ltd. for funds taken to purchase land and building. The Corporate Debtor allegedly failed to provide a cash security as assured to the Financial Creditor, even after an extension of time was granted. An arbitrator had passed an award directing the Corporate Debtor to pay cash security with accrued interest. The Financial Creditor issued letters demanding the amount as per the arbitration award.
In June 2013, Shaikh Mohammad Tariq (Financial Creditor) entered into an agreement with Aegis Forging Limited (Corporate Debtor) where the Financial Creditor provided a personal guarantee to the Corporate Debtor's creditors/investors for funds used to purchase land and building. The Corporate Debtor assured the Financial Creditor that it would provide cash security along with interest if the personal guarantee was not relieved. The Corporate Debtor failed to provide the agreed cash security, even after an extension was granted. An arbitrator passed an award on 2013-11-11, directing the Corporate Debtor to pay cash security of Rs. 3,64,58,785 with accrued interest. The Financial Creditor issued letters on 2021-08-27 demanding the amount as per the arbitration award. The
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The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) for the initiation of the Corporate Insolvency Resolution Process (CIRP) by Mr. Shaikh Mohammad Tariq against Aegis Forging Ltd. The Financial Creditor, Mr. Tariq, had provided a personal guarantee to the creditors/investors of Aegis Forging Ltd. for funds taken to purchase land and building. The Corporate Debtor allegedly failed to provide a cash security as assured to the Financial Creditor, even after an extension of time was granted. An arbitrator had passed an award directing the Corporate Debtor to pay cash security with accrued interest. The Financial Creditor issued letters demanding the amount as per the arbitration award.
In June 2013, Shaikh Mohammad Tariq (Financial Creditor) entered into an agreement with Aegis Forging Limited (Corporate Debtor) where the Financial Creditor provided a personal guarantee to the Corporate Debtor's creditors/investors for funds used to purchase land and building. The Corporate Debtor assured the Financial Creditor that it would provide cash security along with interest if the personal guarantee was not relieved. The Corporate Debtor failed to provide the agreed cash security, even after an extension was granted. An arbitrator passed an award on 2013-11-11, directing the Corporate Debtor to pay cash security of Rs. 3,64,58,785 with accrued interest. The Financial Creditor issued letters on 2021-08-27 demanding the amount as per the arbitration award. The
…The Financial Creditor entered into an…
The Sole Arbitrator passed an award directing…