Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Vedansh Real Estate Pvt Ltd, the Corporate Guarantor, due to a financial default of Rs. 175,96,47,674/- as of 22.03.2024. The application was filed on 03.01.2025. The default arose from credit facilities availed by the Principal Borrower, M/s Magnifico Minerals Private Limited, under a consortium arrangement with Central Bank of India as part of it. The Principal Borrower had executed a loan document on 25.06.2013 and made part payments. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued to the Principal Borrower, and proceedings were initiated against the Corporate Guarantors. The
…Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Vedansh Real Estate Pvt Ltd, the Corporate Guarantor. The application was filed on 03.01.2025. The Corporate Guarantor is M/s Vedansh Real Estate Pvt. Ltd. (CIN: U70109DL2006PTC151469), incorporated on 01.08.2006, with an authorized capital of Rs. 3,10,00,000/- and a paid-up capital of Rs. 2,75,00,730/-, and is in the business of real estate. The default arose from credit facilities availed by M/s Magnifico Minerals Private Limited, the Principal Borrower (CIN: U51909DL2011PTC228884), including CC cum OD of Rs. 10,00,00,000/- and Buyers' Credit facility of Rs. 90 Crore,
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M/s Vedansh Rea…
Corporate Guarantee…
Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Vedansh Real Estate Pvt Ltd, the Corporate Guarantor, due to a financial default of Rs. 175,96,47,674/- as of 22.03.2024. The application was filed on 03.01.2025. The default arose from credit facilities availed by the Principal Borrower, M/s Magnifico Minerals Private Limited, under a consortium arrangement with Central Bank of India as part of it. The Principal Borrower had executed a loan document on 25.06.2013 and made part payments. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued to the Principal Borrower, and proceedings were initiated against the Corporate Guarantors. The
…Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Vedansh Real Estate Pvt Ltd, the Corporate Guarantor. The application was filed on 03.01.2025. The Corporate Guarantor is M/s Vedansh Real Estate Pvt. Ltd. (CIN: U70109DL2006PTC151469), incorporated on 01.08.2006, with an authorized capital of Rs. 3,10,00,000/- and a paid-up capital of Rs. 2,75,00,730/-, and is in the business of real estate. The default arose from credit facilities availed by M/s Magnifico Minerals Private Limited, the Principal Borrower (CIN: U51909DL2011PTC228884), including CC cum OD of Rs. 10,00,00,000/- and Buyers' Credit facility of Rs. 90 Crore,
…M/s Vedansh Rea…
Corporate Guarantee…