The case involves a petition filed by Union Bank of India, including its erstwhile entity Andhra Bank, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s GMP Infrastructure Private Limited, the Corporate Guarantor to the Borrower Company, M/s. Panduranga Energy Systems Private Limited.
Union Bank of India, including its erstwhile entity Andhra Bank, filed a petition under Section 7 of the IBC against GMP Infrastructure Private Limited.
GMP Infrastructure Private Limited acted as the Corporate Guarantor for Panduranga Energy Systems Private Limited.
The Borrower Company, Panduranga Energy Systems Private Limited, availed financial assistance from the Petitioner and other lenders.
The Borrower Company defaulted on repayment, leading to its account being classified as NPA on 28.02.2018.
The Financial Creditor issued a notice dated 25.01.2019 under Section 13(2) of the SARFAESI Act, recalling the payment of outstanding dues.
The Corporate Guarantee was invoked on 25.01.2019.
The application for recovery of debt was filed before DRT-I, Hyderabad on 10.12.2020.
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Panduranga Energy…
The Financial Creditor…
The case involves a petition filed by Union Bank of India, including its erstwhile entity Andhra Bank, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s GMP Infrastructure Private Limited, the Corporate Guarantor to the Borrower Company, M/s. Panduranga Energy Systems Private Limited.
Union Bank of India, including its erstwhile entity Andhra Bank, filed a petition under Section 7 of the IBC against GMP Infrastructure Private Limited.
GMP Infrastructure Private Limited acted as the Corporate Guarantor for Panduranga Energy Systems Private Limited.
The Borrower Company, Panduranga Energy Systems Private Limited, availed financial assistance from the Petitioner and other lenders.
The Borrower Company defaulted on repayment, leading to its account being classified as NPA on 28.02.2018.
The Financial Creditor issued a notice dated 25.01.2019 under Section 13(2) of the SARFAESI Act, recalling the payment of outstanding dues.
The Corporate Guarantee was invoked on 25.01.2019.
The application for recovery of debt was filed before DRT-I, Hyderabad on 10.12.2020.
…Panduranga Energy…
The Financial Creditor…