Vinod Kumar Bukalsaria, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Assam Petroleum Limited, the Corporate Guarantor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default on a financial debt. A Loan Agreement was executed on July 7, 2023, between the Financial Creditor and Mr. Manohar Chaudhary (Borrower), a Director of the Corporate Guarantor, for a maximum amount of Rs. 2,00,00,000/-. Assam Petroleum Limited stood as a Corporate Guarantor for this loan. The Borrower failed to repay the outstanding amount by the stipulated date of July 31, 2025, leading to the invocation of the Corporate Guarantee.

Vinod Kumar Bukalsaria, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Assam Petroleum Limited, the Corporate Guarantor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default on a financial debt. A Loan Agreement was executed on July 7, 2023, between the Financial Creditor and Mr. Manohar Chaudhary (Borrower), a Director of the Corporate Guarantor, for a maximum amount of Rs. 2,00,00,000/-. Assam Petroleum Limited stood as a Corporate Guarantor for this loan. The Borrower failed to repay the outstanding amount by the stipulated date of July 31, 2025, leading to the invocation of the Corporate Guarantee.