ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hindusthan Small Tools Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application pertains to credit facilities extended to Eastern Gases Limited, for which Hindusthan Small Tools Private Limited acted as a corporate guarantor. The financial creditor claims a default of Rs. 28,81,26,056.42, including an amount of Rs. 9,99,75,000 which was allegedly disbursed due to a technical error. The corporate debtor contests the application, arguing that the liability as a guarantor should not extend to the erroneously disbursed amount and that the borrower, Eastern Gases Limited, is already under liquidation.
ICICI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Hindusthan Small Tools Private Limited (Corporate Debtor), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application is based on the corporate guarantee provided by Hindusthan Small Tools Private Limited for credit facilities extended to Eastern Gases Limited (Borrower). Eastern Gases Limited is currently under liquidation. The Financial Creditor sanctioned various credit facilities to Eastern Gases Limited, including an overdraft facility. On August 31, 2016, an excess drawing power of INR 9,99,75,000.00 was inadvertently made available to the Borrower due to a technical error. The Borrower utilized INR
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Deed of Guarantee for working capital facilities…
Borrower executed a counter guarantee of Rs.…
ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hindusthan Small Tools Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application pertains to credit facilities extended to Eastern Gases Limited, for which Hindusthan Small Tools Private Limited acted as a corporate guarantor. The financial creditor claims a default of Rs. 28,81,26,056.42, including an amount of Rs. 9,99,75,000 which was allegedly disbursed due to a technical error. The corporate debtor contests the application, arguing that the liability as a guarantor should not extend to the erroneously disbursed amount and that the borrower, Eastern Gases Limited, is already under liquidation.
ICICI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Hindusthan Small Tools Private Limited (Corporate Debtor), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application is based on the corporate guarantee provided by Hindusthan Small Tools Private Limited for credit facilities extended to Eastern Gases Limited (Borrower). Eastern Gases Limited is currently under liquidation. The Financial Creditor sanctioned various credit facilities to Eastern Gases Limited, including an overdraft facility. On August 31, 2016, an excess drawing power of INR 9,99,75,000.00 was inadvertently made available to the Borrower due to a technical error. The Borrower utilized INR
…Deed of Guarantee for working capital facilities…
Borrower executed a counter guarantee of Rs.…