Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Future Corporate Resources Private Limited, the Corporate Debtor, who acted as a Corporate Guarantor to Syntex Trading and Agency Private Limited (Principal Borrower). The Financial Creditor had sanctioned a term loan to the Principal Borrower, which was guaranteed by the Corporate Debtor. The Principal Borrower defaulted, leading to the loan account being classified as a Non-Performing Asset (NPA). A demand notice was issued to both the Principal Borrower and the Corporate Debtor, but no payments were made, prompting the application for CIRP.
Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Future Corporate Resources Private Limited, the Corporate Debtor. The Corporate Debtor acted as a Corporate Guarantor for a term loan of Rs.155 Crore sanctioned by the Financial Creditor to Syntex Trading and Agency Private Limited (Principal Borrower). The loan was sanctioned on 16.12.2019, and a Term Loan Agreement was executed on 23.12.2019. The Corporate Debtor guaranteed the facilities through a Deed of Guarantee dated 23.12.2019. The Principal Borrower defaulted on 30.09.2020 and requested a One-Time Restructuring (OTR). An OTR was executed on 21.05.2021, and a
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Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Future Corporate Resources Private Limited, the Corporate Debtor, who acted as a Corporate Guarantor to Syntex Trading and Agency Private Limited (Principal Borrower). The Financial Creditor had sanctioned a term loan to the Principal Borrower, which was guaranteed by the Corporate Debtor. The Principal Borrower defaulted, leading to the loan account being classified as a Non-Performing Asset (NPA). A demand notice was issued to both the Principal Borrower and the Corporate Debtor, but no payments were made, prompting the application for CIRP.
Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Future Corporate Resources Private Limited, the Corporate Debtor. The Corporate Debtor acted as a Corporate Guarantor for a term loan of Rs.155 Crore sanctioned by the Financial Creditor to Syntex Trading and Agency Private Limited (Principal Borrower). The loan was sanctioned on 16.12.2019, and a Term Loan Agreement was executed on 23.12.2019. The Corporate Debtor guaranteed the facilities through a Deed of Guarantee dated 23.12.2019. The Principal Borrower defaulted on 30.09.2020 and requested a One-Time Restructuring (OTR). An OTR was executed on 21.05.2021, and a
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Financial Creditor…