Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s IBD Universal Private Limited, the Corporate Debtor, who acted as a guarantor for a loan facility extended to NIIL Infrastructure Pvt. Ltd. The Corporate Debtor defaulted on its guarantee obligations, leading to the application for CIRP. The account was declared NPA on 31st October 2016.
Bank of Baroda extended a credit facility in the form of a term loan of Rs. 40 Crores to NIIL Infrastructure Pvt. Ltd. on August 1, 2014. M/s IBD Universal Private Limited acted as the corporate guarantor for this loan. The account became a non-performing asset (NPA) on October 31, 2016, and the last payment was received on March 31, 2017. A notice under Section 13(2) of the SARFAESI Act was issued to the Corporate Debtor on March 26, 2018, and a legal recall notice was issued on October 1, 2019, demanding repayment of Rs. 42,53,84,673. A Section 7 petition against the principal borrower, NIIL Infrastructure Pvt. Ltd., was admitted on March 28, 2018. The Corporate Debtor acknowledged its liability under the guarantee on July 12, 2017. The present petition was filed on
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Credit facility of Rs.…
The account b…
Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s IBD Universal Private Limited, the Corporate Debtor, who acted as a guarantor for a loan facility extended to NIIL Infrastructure Pvt. Ltd. The Corporate Debtor defaulted on its guarantee obligations, leading to the application for CIRP. The account was declared NPA on 31st October 2016.
Bank of Baroda extended a credit facility in the form of a term loan of Rs. 40 Crores to NIIL Infrastructure Pvt. Ltd. on August 1, 2014. M/s IBD Universal Private Limited acted as the corporate guarantor for this loan. The account became a non-performing asset (NPA) on October 31, 2016, and the last payment was received on March 31, 2017. A notice under Section 13(2) of the SARFAESI Act was issued to the Corporate Debtor on March 26, 2018, and a legal recall notice was issued on October 1, 2019, demanding repayment of Rs. 42,53,84,673. A Section 7 petition against the principal borrower, NIIL Infrastructure Pvt. Ltd., was admitted on March 28, 2018. The Corporate Debtor acknowledged its liability under the guarantee on July 12, 2017. The present petition was filed on
…Credit facility of Rs.…
The account b…