The case involves an application filed by Sourya Containers Leasing Company, the Financial Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against Aranca (Mumbai) Private Limited, the Corporate Guarantor/Debtor. The application was filed under Section 7 of the IBC, 2016, based on a default of ₹3,94,99,355/- due and payable as on 24.08.2020. This amount was related to a loan availed by Mehar Miracles Private Limited, the Principal Borrower, on 09.01.2017, for which Aranca (Mumbai) Private Limited had provided a guarantee.
Sourya Containers Leasing Company (Financial Creditor) filed an application to initiate CIRP against Aranca (Mumbai) Private Limited (Corporate Guarantor/Debtor) under Section 7 of the IBC, 2016. The claim was based on a default of ₹3,94,99,355/- due as of 24.08.2020. This amount was related to a loan availed by Mehar Miracles Private Limited (Principal Borrower) on 09.01.2017, guaranteed by Aranca. The principal loan amount of ₹1,00,00,000/- fell due on 11.06.2017. The Financial Creditor invoked the guarantee on 25.08.2020, demanding repayment, including commitment charges, interest, and taxes, totaling ₹3,94,99,355/- as of 24.08.2020. The Corporate Guarantor/Debtor failed to make the payment. The court observed that the Financial Creditor invoked the Guarantee on
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Mehar Miracles Private…
The principal loan…
The case involves an application filed by Sourya Containers Leasing Company, the Financial Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against Aranca (Mumbai) Private Limited, the Corporate Guarantor/Debtor. The application was filed under Section 7 of the IBC, 2016, based on a default of ₹3,94,99,355/- due and payable as on 24.08.2020. This amount was related to a loan availed by Mehar Miracles Private Limited, the Principal Borrower, on 09.01.2017, for which Aranca (Mumbai) Private Limited had provided a guarantee.
Sourya Containers Leasing Company (Financial Creditor) filed an application to initiate CIRP against Aranca (Mumbai) Private Limited (Corporate Guarantor/Debtor) under Section 7 of the IBC, 2016. The claim was based on a default of ₹3,94,99,355/- due as of 24.08.2020. This amount was related to a loan availed by Mehar Miracles Private Limited (Principal Borrower) on 09.01.2017, guaranteed by Aranca. The principal loan amount of ₹1,00,00,000/- fell due on 11.06.2017. The Financial Creditor invoked the guarantee on 25.08.2020, demanding repayment, including commitment charges, interest, and taxes, totaling ₹3,94,99,355/- as of 24.08.2020. The Corporate Guarantor/Debtor failed to make the payment. The court observed that the Financial Creditor invoked the Guarantee on
…Mehar Miracles Private…
The principal loan…