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 Lord Vrindavanbihari Trading Private Limited, the corporate debtor and guarantor for a principal borrower that had defaulted on a loan.
Bank of Baroda, the financial creditor, disbursed a term loan of Rs. 40 Crores to the principal borrower, NIIL Infrastructure Pvt. Ltd., on August 1, 2014 . This loan was secured by a corporate guarantee from M/s Lord Vrindavanbihari Trading Private Limited, the corporate debtor. The principal borrower's account was declared a Non-Performing Asset ( NPA ) on October 31, 2016, with the last payment received on March 31, 2017. The corporate debtor, as the corporate guarantor, executed a corporate guarantee agreement on August 1, 2014. A letter of acknowledgment of debt by the corporate debtor, dated July 12, 2017 , was also provided. The financial creditor issued a notice under Section 13(2) of the SARFAESI Act on March 26, 2018, to the corporate debtor, followed by a
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A term loan of Rs. 40 Crores was disbursed…
The principal…
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 Lord Vrindavanbihari Trading Private Limited, the corporate debtor and guarantor for a principal borrower that had defaulted on a loan.
Bank of Baroda, the financial creditor, disbursed a term loan of Rs. 40 Crores to the principal borrower, NIIL Infrastructure Pvt. Ltd., on August 1, 2014 . This loan was secured by a corporate guarantee from M/s Lord Vrindavanbihari Trading Private Limited, the corporate debtor. The principal borrower's account was declared a Non-Performing Asset ( NPA ) on October 31, 2016, with the last payment received on March 31, 2017. The corporate debtor, as the corporate guarantor, executed a corporate guarantee agreement on August 1, 2014. A letter of acknowledgment of debt by the corporate debtor, dated July 12, 2017 , was also provided. The financial creditor issued a notice under Section 13(2) of the SARFAESI Act on March 26, 2018, to the corporate debtor, followed by a
…A term loan of Rs. 40 Crores was disbursed…
The principal…