Kotak Mahindra Bank Limited, as Financial Creditor, filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Avarsekar & Kejriwal Constructions Pvt. Limited, the Corporate Debtor. The Corporate Debtor acted as a corporate guarantor for M/s Unity Infra Projects Limited, the principal borrower, which had defaulted on financial facilities originally sanctioned by ING Vysya Bank Limited (later merged with Kotak Mahindra Bank). The principal borrower's account was declared an NPA on 30.06.2015, and the corporate guarantee was invoked on 07.10.2019. The Financial Creditor had previously obtained a judgment and a Recovery Certificate from the DRT, Delhi, against the Corporate Debtor for the outstanding dues.

Kotak Mahindra Bank Limited, as Financial Creditor, filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Avarsekar & Kejriwal Constructions Pvt. Limited, the Corporate Debtor. The Corporate Debtor acted as a corporate guarantor for M/s Unity Infra Projects Limited, the principal borrower, which had defaulted on financial facilities originally sanctioned by ING Vysya Bank Limited (later merged with Kotak Mahindra Bank). The principal borrower's account was declared an NPA on 30.06.2015, and the corporate guarantee was invoked on 07.10.2019. The Financial Creditor had previously obtained a judgment and a Recovery Certificate from the DRT, Delhi, against the Corporate Debtor for the outstanding dues.