Central Bank of India, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Worlds Window Exim Pvt. Ltd., the Corporate Guarantor (CG), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The CG had provided a guarantee to secure credit facilities availed by M/s Magnifico Minerals Pvt Ltd (Principal Borrower or PB) from a consortium of banks, including the FC. The PB defaulted on repayment, leading to its account being declared NPA. The FC recalled the loan and filed an application before the Debts Recovery Tribunal (DRT) for recovery. The PB submitted a settlement proposal, which did not materialize. The FC then filed an application under Section 7 of the IBC against the PB, which
…Central Bank of India (Financial Creditor) filed an application under Section 7 of the IBC against M/s Worlds Window Exim Pvt. Ltd. (Corporate Guarantor). The Corporate Guarantor had provided a guarantee for credit facilities availed by M/s Magnifico Minerals Pvt Ltd (Principal Borrower) amounting to Rs 100 crores from a consortium of banks. The Principal Borrower defaulted on repayment, and its account was declared NPA. The Financial Creditor recalled the loan and filed an application before the DRT. The Principal Borrower submitted a settlement proposal that failed. The Financial Creditor initiated CIRP against the Principal Borrower, which was admitted. The Financial Creditor then filed the present application against the Corporate Guarantor. The Corporate Guarantor
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The Respondent executed the guarantee to secure…
The PB submitted its ‘Balance Confirmation' of…
Central Bank of India, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Worlds Window Exim Pvt. Ltd., the Corporate Guarantor (CG), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The CG had provided a guarantee to secure credit facilities availed by M/s Magnifico Minerals Pvt Ltd (Principal Borrower or PB) from a consortium of banks, including the FC. The PB defaulted on repayment, leading to its account being declared NPA. The FC recalled the loan and filed an application before the Debts Recovery Tribunal (DRT) for recovery. The PB submitted a settlement proposal, which did not materialize. The FC then filed an application under Section 7 of the IBC against the PB, which
…Central Bank of India (Financial Creditor) filed an application under Section 7 of the IBC against M/s Worlds Window Exim Pvt. Ltd. (Corporate Guarantor). The Corporate Guarantor had provided a guarantee for credit facilities availed by M/s Magnifico Minerals Pvt Ltd (Principal Borrower) amounting to Rs 100 crores from a consortium of banks. The Principal Borrower defaulted on repayment, and its account was declared NPA. The Financial Creditor recalled the loan and filed an application before the DRT. The Principal Borrower submitted a settlement proposal that failed. The Financial Creditor initiated CIRP against the Principal Borrower, which was admitted. The Financial Creditor then filed the present application against the Corporate Guarantor. The Corporate Guarantor
…The Respondent executed the guarantee to secure…
The PB submitted its ‘Balance Confirmation' of…