Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Pashupati Dairies Private Limited, the Corporate Debtor, due to a default in payment of a financial debt. The Corporate Debtor acted as a guarantor for loan facilities availed by Kwality Limited, the Principal Borrower. The Principal Borrower's account was classified as NPA, and the Financial Creditor invoked the corporate guarantee. CIRP had already been initiated against the Principal Borrower and another corporate guarantor for the same debt.
Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Pashupati Dairies Private Limited, the Corporate Debtor. The Corporate Debtor acted as a corporate guarantor for loan facilities availed by M/s Kwality Limited, the Principal Borrower. The Bank of India had sanctioned a working capital limit to Kwality Limited, which was later enhanced through a consortium agreement. The Principal Borrower's account was classified as NPA on 31.08.2018. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, to the Principal Borrower and the Corporate Debtor, invoking the corporate guarantee. CIRP had already been
…Sign in to view the parties.
M/s Pashupati Dairies…
Bank of India sanctioned working capital…
Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Pashupati Dairies Private Limited, the Corporate Debtor, due to a default in payment of a financial debt. The Corporate Debtor acted as a guarantor for loan facilities availed by Kwality Limited, the Principal Borrower. The Principal Borrower's account was classified as NPA, and the Financial Creditor invoked the corporate guarantee. CIRP had already been initiated against the Principal Borrower and another corporate guarantor for the same debt.
Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Pashupati Dairies Private Limited, the Corporate Debtor. The Corporate Debtor acted as a corporate guarantor for loan facilities availed by M/s Kwality Limited, the Principal Borrower. The Bank of India had sanctioned a working capital limit to Kwality Limited, which was later enhanced through a consortium agreement. The Principal Borrower's account was classified as NPA on 31.08.2018. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, to the Principal Borrower and the Corporate Debtor, invoking the corporate guarantee. CIRP had already been
…M/s Pashupati Dairies…
Bank of India sanctioned working capital…