Q West Infrastructure Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Grevek Investments and Finance Private Limited, acting as a Corporate Guarantor for a financial debt.
Q West Infrastructure Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Grevek Investments and Finance Private Limited (Corporate Debtor).
The Corporate Debtor acted as a Corporate Guarantor for a financial debt.
The Financial Creditor advanced Rs. 11,00,00,000/- to M/s. Starwort Engineers Pvt. Ltd. (Principal Borrower) under an Inter Corporate Deposit Agreement dated 10.11.2020.
The Principal Borrower defaulted on repayment, leading to the invocation of the Corporate Guarantee.
The Adjudicating Authority initially dismissed the petition due to lack of proof of service of the Demand-cum-Invocation Notice.
The NCLAT set aside the Adjudicating Authority's order and directed it to admit the petition.
…Sign in to view the parties.
Execution of Inter Corporate Deposit Agreement…
Parties entered into a Settlement Agreement…
Q West Infrastructure Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Grevek Investments and Finance Private Limited, acting as a Corporate Guarantor for a financial debt.
Q West Infrastructure Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Grevek Investments and Finance Private Limited (Corporate Debtor).
The Corporate Debtor acted as a Corporate Guarantor for a financial debt.
The Financial Creditor advanced Rs. 11,00,00,000/- to M/s. Starwort Engineers Pvt. Ltd. (Principal Borrower) under an Inter Corporate Deposit Agreement dated 10.11.2020.
The Principal Borrower defaulted on repayment, leading to the invocation of the Corporate Guarantee.
The Adjudicating Authority initially dismissed the petition due to lack of proof of service of the Demand-cum-Invocation Notice.
The NCLAT set aside the Adjudicating Authority's order and directed it to admit the petition.
…Execution of Inter Corporate Deposit Agreement…
Parties entered into a Settlement Agreement…