Central Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jainco Automotive Private Limited (Corporate Debtor), which acted as a corporate guarantor for a loan extended to Eastern Gases Limited. The principal borrower defaulted, and despite recovery efforts during liquidation, a substantial amount of Rs. 43,47,83,415.00 remained outstanding as of January 3, 2024.
Central Bank of India (Financial Creditor) sanctioned working capital credit limits of Rs. 20 crores to Eastern Gases Limited (Principal Borrower) under a Consortium Agreement dated 16/11/2012.
Jainco Automotive Pvt. Ltd. (Corporate Debtor/Guarantor) and Vivek Brothers Pvt. Ltd. provided guarantees for this amount.
Jainco Automotive Pvt. Ltd. executed two Deeds of Guarantee: one on 05/02/2013 for Rs. 43 crores and another on 21/01/2016 for Rs. 47 crores.
The Corporate Debtor created a charge on 9 residential flats via Form 8 on 17/09/2012, mortgaging them for a liability of Rs. 43 crores.
A Joint letter was issued by the Corporate Debtor and Vivek Brothers Pvt. Ltd. to the Financial Creditor for creation of mortgage in respect of 22 flats.
…Sign in to view the parties.
The Corporate Debtor created a charge on 9…
Financial Creditor sanctioned working capital…
Central Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jainco Automotive Private Limited (Corporate Debtor), which acted as a corporate guarantor for a loan extended to Eastern Gases Limited. The principal borrower defaulted, and despite recovery efforts during liquidation, a substantial amount of Rs. 43,47,83,415.00 remained outstanding as of January 3, 2024.
Central Bank of India (Financial Creditor) sanctioned working capital credit limits of Rs. 20 crores to Eastern Gases Limited (Principal Borrower) under a Consortium Agreement dated 16/11/2012.
Jainco Automotive Pvt. Ltd. (Corporate Debtor/Guarantor) and Vivek Brothers Pvt. Ltd. provided guarantees for this amount.
Jainco Automotive Pvt. Ltd. executed two Deeds of Guarantee: one on 05/02/2013 for Rs. 43 crores and another on 21/01/2016 for Rs. 47 crores.
The Corporate Debtor created a charge on 9 residential flats via Form 8 on 17/09/2012, mortgaging them for a liability of Rs. 43 crores.
A Joint letter was issued by the Corporate Debtor and Vivek Brothers Pvt. Ltd. to the Financial Creditor for creation of mortgage in respect of 22 flats.
…The Corporate Debtor created a charge on 9…
Financial Creditor sanctioned working capital…