IL & FS Financial Services Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against G.C. Property Private Limited, the Corporate Debtor, due to an unresolved financial debt of Rs. 36,36,16,503/-. The Financial Creditor had extended a loan facility to Anupama Agarwal, with the Corporate Debtor acting as a guarantor. The Corporate Debtor opposed the admission of the petition, arguing that it was neither a borrower nor a guarantor and that the loan was essentially for Vadraj Cement Ltd., where the Financial Creditor held a majority stake.
IL & FS Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against G.C. Property Private Limited (Corporate Debtor) due to an unresolved financial debt of Rs. 36,36,16,503/-. The Financial Creditor had extended a rupee term loan facility up to Rs. 30,00,00,000/- to Anupama Agarwal (Borrower) vide offer letter dated 27.12.2017. A loan agreement was executed between the Financial Creditor and the Borrower, and Rs. 29,00,00,000/- was disbursed. The Corporate Debtor executed a corporate guarantee for the loan facility. Mr. Rishi Agarwal provided a personal guarantee, and a memorandum of entry recording mortgage of immovable property of
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The Applicant vide it offer letter dated…
Default committed by the borrower in relation to…
IL & FS Financial Services Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against G.C. Property Private Limited, the Corporate Debtor, due to an unresolved financial debt of Rs. 36,36,16,503/-. The Financial Creditor had extended a loan facility to Anupama Agarwal, with the Corporate Debtor acting as a guarantor. The Corporate Debtor opposed the admission of the petition, arguing that it was neither a borrower nor a guarantor and that the loan was essentially for Vadraj Cement Ltd., where the Financial Creditor held a majority stake.
IL & FS Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against G.C. Property Private Limited (Corporate Debtor) due to an unresolved financial debt of Rs. 36,36,16,503/-. The Financial Creditor had extended a rupee term loan facility up to Rs. 30,00,00,000/- to Anupama Agarwal (Borrower) vide offer letter dated 27.12.2017. A loan agreement was executed between the Financial Creditor and the Borrower, and Rs. 29,00,00,000/- was disbursed. The Corporate Debtor executed a corporate guarantee for the loan facility. Mr. Rishi Agarwal provided a personal guarantee, and a memorandum of entry recording mortgage of immovable property of
…The Applicant vide it offer letter dated…
Default committed by the borrower in relation to…