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.
Q West Infrastructure Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Grevek Investments and Finance Private Limited (Corporate Debtor) as a Corporate Guarantor.
The Financial Creditor had 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 Corporate Debtor executed an irrevocable and unconditional Corporate Guarantee dated 10.11.2020 as security for the advance.
The Principal Borrower defaulted on repayment, leading the Financial Creditor to issue a Demand-cum-Invocation Notice dated 01.01.2024.
The Tribunal initially dismissed the petition due to lack of proof of service of the Demand-cum-Invocation Notice.
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The Financial Creditor and M/s. Starwort…
The Corporate Debtor…
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.
Q West Infrastructure Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Grevek Investments and Finance Private Limited (Corporate Debtor) as a Corporate Guarantor.
The Financial Creditor had 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 Corporate Debtor executed an irrevocable and unconditional Corporate Guarantee dated 10.11.2020 as security for the advance.
The Principal Borrower defaulted on repayment, leading the Financial Creditor to issue a Demand-cum-Invocation Notice dated 01.01.2024.
The Tribunal initially dismissed the petition due to lack of proof of service of the Demand-cum-Invocation Notice.
…The Financial Creditor and M/s. Starwort…
The Corporate Debtor…