The case involves an application filed by Central Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Future Corporate Resources Private Limited (Corporate Debtor). The Corporate Debtor acted as a guarantor for a term loan of Rs. 150 crores sanctioned by the Financial Creditor to Iskrupa Mall Management Company Private Limited (Principal Borrower). After the Principal Borrower defaulted, the Financial Creditor issued a demand notice and subsequently filed the application for CIRP.
Central Bank of India (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 (Corporate Debtor). The Corporate Debtor acted as a corporate guarantor for a term loan of Rs. 150 crores sanctioned by the Financial Creditor to Iskrupa Mall Management Company Private Limited (Principal Borrower). A Term Loan Agreement was executed on 24.09.2015. The loan was guaranteed by the Corporate Debtor through a Deed of Guarantee executed on the same date. The Principal Borrower defaulted on 30.09.2020 and requested a One-Time Restructuring (OTR) under the 'Resolution Framework for Covid-19 Related Stress'. An OTR was executed
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The Financial Creditor…
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The case involves an application filed by Central Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Future Corporate Resources Private Limited (Corporate Debtor). The Corporate Debtor acted as a guarantor for a term loan of Rs. 150 crores sanctioned by the Financial Creditor to Iskrupa Mall Management Company Private Limited (Principal Borrower). After the Principal Borrower defaulted, the Financial Creditor issued a demand notice and subsequently filed the application for CIRP.
Central Bank of India (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 (Corporate Debtor). The Corporate Debtor acted as a corporate guarantor for a term loan of Rs. 150 crores sanctioned by the Financial Creditor to Iskrupa Mall Management Company Private Limited (Principal Borrower). A Term Loan Agreement was executed on 24.09.2015. The loan was guaranteed by the Corporate Debtor through a Deed of Guarantee executed on the same date. The Principal Borrower defaulted on 30.09.2020 and requested a One-Time Restructuring (OTR) under the 'Resolution Framework for Covid-19 Related Stress'. An OTR was executed
…The Financial Creditor…
The Principal…