Phoenix ARC Private Limited Trustee of Phoenix Trust FY17-8 (Financial Creditor) filed a Section 7 IBC petition against M/s. Cherupushpam Films Private Limited (Corporate Debtor), who acted as a guarantor for credit facilities availed by M/s. Kerala Chamber of Commerce and Industry (Principal Borrower) from South Indian Bank Limited. The Principal Borrower defaulted, leading to the loan accounts being classified as NPA on 30.09.2013. The debt was subsequently assigned to the Financial Creditor. The Corporate Debtor had mortgaged its property as security. The petition was initially dismissed due to procedural issues (unstamped Assignment Deed, non-production of Trust Deed) but was remanded by NCLAT for fresh consideration on merits after the Financial Creditor rectified
…Phoenix ARC Private Limited Trustee of Phoenix Trust FY17-8 (Financial Creditor) filed a Section 7 IBC petition against M/s. Cherupushpam Films Private Limited (Corporate Debtor).
The Corporate Debtor acted as a guarantor for credit facilities aggregating Rs.8,60,00,000/- availed by M/s. Kerala Chamber of Commerce and Industry (Principal Borrower) from South Indian Bank Limited.
The Corporate Debtor executed guarantee agreements and created an equitable mortgage over 43.95 cents of land with a building (Kerala Trade Centre) as security.
The Principal Borrower defaulted in repayment, and loan accounts were classified as Non-Performing Assets (NPA) on 30.09.2013.
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Financial facility of Rs.1.10 Crores…
Credit Facility Agreement and Guarantee…
Phoenix ARC Private Limited Trustee of Phoenix Trust FY17-8 (Financial Creditor) filed a Section 7 IBC petition against M/s. Cherupushpam Films Private Limited (Corporate Debtor), who acted as a guarantor for credit facilities availed by M/s. Kerala Chamber of Commerce and Industry (Principal Borrower) from South Indian Bank Limited. The Principal Borrower defaulted, leading to the loan accounts being classified as NPA on 30.09.2013. The debt was subsequently assigned to the Financial Creditor. The Corporate Debtor had mortgaged its property as security. The petition was initially dismissed due to procedural issues (unstamped Assignment Deed, non-production of Trust Deed) but was remanded by NCLAT for fresh consideration on merits after the Financial Creditor rectified
…Phoenix ARC Private Limited Trustee of Phoenix Trust FY17-8 (Financial Creditor) filed a Section 7 IBC petition against M/s. Cherupushpam Films Private Limited (Corporate Debtor).
The Corporate Debtor acted as a guarantor for credit facilities aggregating Rs.8,60,00,000/- availed by M/s. Kerala Chamber of Commerce and Industry (Principal Borrower) from South Indian Bank Limited.
The Corporate Debtor executed guarantee agreements and created an equitable mortgage over 43.95 cents of land with a building (Kerala Trade Centre) as security.
The Principal Borrower defaulted in repayment, and loan accounts were classified as Non-Performing Assets (NPA) on 30.09.2013.
…Financial facility of Rs.1.10 Crores…
Credit Facility Agreement and Guarantee…