The Bank of Maharashtra, acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against I-Vantage India Private Limited, the Corporate Debtor. The application stems from a default on a Cash Credit Facility and Guarantee Limit sanctioned to BS Limited, with I-Vantage acting as guarantor. The Financial Creditor claimed a total outstanding amount of Rs. 1,26,92,84,149/- as of 05.02.2023, including principal and interest. The Corporate Debtor contested the application, citing issues of authorization, non-submission of certified financial statements, and limitation.
The Bank of Maharashtra sanctioned a Cash Credit Facility of Rs. 10,00,00,000/- and a Guarantee Limit of Rs. 40,00,00,000/- to BS Limited under a Working Capital Consortium Agreement dated 05.05.2015. I-Vantage India Private Limited acted as a guarantor by executing a Guarantee Deed on the same date. The principal borrower's account was classified as a Non-Performing Asset (NPA) on 15.07.2016. The total outstanding amount was Rs. 1,26,92,84,149/- as of 05.02.2023, including principal and interest. A Demand Notice under Section 13(2) of the SARFAESI Act was issued on 13.03.2017. The Debts Recovery Tribunal, Hyderabad, issued a Recovery Certificate bearing RC No. 262/2020 on 06.02.2020. The Financial Creditor filed an application under Section 7 of the IBC to initiate
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Bank of Maharashtra sanctioned a Cash Credit…
The account of the principal borrower, BS…
The Bank of Maharashtra, acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against I-Vantage India Private Limited, the Corporate Debtor. The application stems from a default on a Cash Credit Facility and Guarantee Limit sanctioned to BS Limited, with I-Vantage acting as guarantor. The Financial Creditor claimed a total outstanding amount of Rs. 1,26,92,84,149/- as of 05.02.2023, including principal and interest. The Corporate Debtor contested the application, citing issues of authorization, non-submission of certified financial statements, and limitation.
The Bank of Maharashtra sanctioned a Cash Credit Facility of Rs. 10,00,00,000/- and a Guarantee Limit of Rs. 40,00,00,000/- to BS Limited under a Working Capital Consortium Agreement dated 05.05.2015. I-Vantage India Private Limited acted as a guarantor by executing a Guarantee Deed on the same date. The principal borrower's account was classified as a Non-Performing Asset (NPA) on 15.07.2016. The total outstanding amount was Rs. 1,26,92,84,149/- as of 05.02.2023, including principal and interest. A Demand Notice under Section 13(2) of the SARFAESI Act was issued on 13.03.2017. The Debts Recovery Tribunal, Hyderabad, issued a Recovery Certificate bearing RC No. 262/2020 on 06.02.2020. The Financial Creditor filed an application under Section 7 of the IBC to initiate
…Bank of Maharashtra sanctioned a Cash Credit…
The account of the principal borrower, BS…