The case involves a petition filed by Indiabulls Commercial Credit Limited, the Financial Creditor, against Koshika Bioscience Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had issued a corporate guarantee for Pro Fin Capital Financial Services Limited, which defaulted on its payments after the guarantee was invoked. The default amount was Rs. 59,51,46,866/-. The Financial Creditor provided financial assistance of Rs. 56,00,00,000/- to the Principal Borrower, secured by the Corporate Debtor's guarantee.
Indiabulls Commercial Credit Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Koshika Bioscience Private Limited (Corporate Debtor). The Corporate Debtor had issued a corporate guarantee for Pro Fin Capital Financial Services Limited. Pro Fin Capital Financial Services Limited defaulted on payments, leading to the invocation of the guarantee. The default amount was Rs. 59,51,46,866/-. The Financial Creditor had provided financial assistance of Rs. 56,00,00,000/- to Pro Fin Capital Financial Services Limited, secured by a corporate guarantee from Koshika Bioscience Private Limited. The Corporate Debtor argued that the guarantee was in violation of
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Sanction Letter issued…
Loan Agreement executed…
The case involves a petition filed by Indiabulls Commercial Credit Limited, the Financial Creditor, against Koshika Bioscience Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had issued a corporate guarantee for Pro Fin Capital Financial Services Limited, which defaulted on its payments after the guarantee was invoked. The default amount was Rs. 59,51,46,866/-. The Financial Creditor provided financial assistance of Rs. 56,00,00,000/- to the Principal Borrower, secured by the Corporate Debtor's guarantee.
Indiabulls Commercial Credit Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Koshika Bioscience Private Limited (Corporate Debtor). The Corporate Debtor had issued a corporate guarantee for Pro Fin Capital Financial Services Limited. Pro Fin Capital Financial Services Limited defaulted on payments, leading to the invocation of the guarantee. The default amount was Rs. 59,51,46,866/-. The Financial Creditor had provided financial assistance of Rs. 56,00,00,000/- to Pro Fin Capital Financial Services Limited, secured by a corporate guarantee from Koshika Bioscience Private Limited. The Corporate Debtor argued that the guarantee was in violation of
…Sanction Letter issued…
Loan Agreement executed…