IFCI Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against NTCIL Infrastructure Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) as the corporate guarantor for loans disbursed to EMC Limited (the principal borrower). EMC Limited is already undergoing CIRP. IFCI had sanctioned and disbursed Rs. 300 crore to EMC, with Rs. 200 crore guaranteed by NTCIL under a deed of corporate guarantee dated 18/06/2015. EMC defaulted, leading IFCI to invoke the guarantee on 03/01/2019. The amount claimed to be in default is Rs. 307,67,14,888.68 as of 15/12/2022, with the date of default being 15/06/2018.
IFCI Limited (Financial Creditor) sought to initiate Corporate Insolvency Resolution Process (CIRP) against NTCIL Infrastructure Private Limited (Corporate Debtor), acting as the corporate guarantor for loans sanctioned to EMC Limited (Principal Borrower). IFCI had sanctioned Rs. 300 crore to EMC, with Rs. 200 crore guaranteed by NTCIL under a deed dated 18/06/2015. EMC defaulted, leading IFCI to invoke the guarantee on 03/01/2019. The default amount was Rs. 307,67,14,888.68 as of 15/12/2022, with the date of default being 15/06/2018. EMC is already undergoing CIRP. The Corporate Debtor's authorized and paid-up capital is Rs. 1,00,000. The Financial Creditor claims that the Corporate Guarantee dated 18/06/2015 was furnished by the Corporate Debtor securing Loan II
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The Corporate Debtor,…
EMC Limited (Principal Borrower) approached…
IFCI Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against NTCIL Infrastructure Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) as the corporate guarantor for loans disbursed to EMC Limited (the principal borrower). EMC Limited is already undergoing CIRP. IFCI had sanctioned and disbursed Rs. 300 crore to EMC, with Rs. 200 crore guaranteed by NTCIL under a deed of corporate guarantee dated 18/06/2015. EMC defaulted, leading IFCI to invoke the guarantee on 03/01/2019. The amount claimed to be in default is Rs. 307,67,14,888.68 as of 15/12/2022, with the date of default being 15/06/2018.
IFCI Limited (Financial Creditor) sought to initiate Corporate Insolvency Resolution Process (CIRP) against NTCIL Infrastructure Private Limited (Corporate Debtor), acting as the corporate guarantor for loans sanctioned to EMC Limited (Principal Borrower). IFCI had sanctioned Rs. 300 crore to EMC, with Rs. 200 crore guaranteed by NTCIL under a deed dated 18/06/2015. EMC defaulted, leading IFCI to invoke the guarantee on 03/01/2019. The default amount was Rs. 307,67,14,888.68 as of 15/12/2022, with the date of default being 15/06/2018. EMC is already undergoing CIRP. The Corporate Debtor's authorized and paid-up capital is Rs. 1,00,000. The Financial Creditor claims that the Corporate Guarantee dated 18/06/2015 was furnished by the Corporate Debtor securing Loan II
…The Corporate Debtor,…
EMC Limited (Principal Borrower) approached…