Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against M/s. Bags Registry Services Pvt. Ltd., the Corporate Debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default on outstanding dues of Rs. 312,89,56,823/- as of 04.01.2025. The Corporate Debtor had acted as a Corporate Guarantor for working capital facilities granted by the Financial Creditor to M/s C&C Constructions Limited.
Central Bank of India (Applicant/Financial Creditor) filed an application under Section 7 of the IBC against M/s. Bags Registry Services Pvt. Ltd. (Respondent/Corporate Debtor).
The Corporate Debtor defaulted on outstanding dues of Rs. 312,89,56,823/- as on 04.01.2025.
The Financial Creditor granted working capital facilities of Rs. 250 Crore to M/s C&C Constructions Limited in 2011 under a consortium arrangement.
M/s. Bags Registry Services Pvt. Ltd. became the Corporate Guarantor for these credit facilities.
Loan and security documents were executed, including First Pari Passu Charge and 2nd Pari Passu Charge over assets, and pledge of 10% shares held by promoters.
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Central Bank of India granted working capital…
Sanction letter dated…
Central Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), against M/s. Bags Registry Services Pvt. Ltd., the Corporate Debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default on outstanding dues of Rs. 312,89,56,823/- as of 04.01.2025. The Corporate Debtor had acted as a Corporate Guarantor for working capital facilities granted by the Financial Creditor to M/s C&C Constructions Limited.
Central Bank of India (Applicant/Financial Creditor) filed an application under Section 7 of the IBC against M/s. Bags Registry Services Pvt. Ltd. (Respondent/Corporate Debtor).
The Corporate Debtor defaulted on outstanding dues of Rs. 312,89,56,823/- as on 04.01.2025.
The Financial Creditor granted working capital facilities of Rs. 250 Crore to M/s C&C Constructions Limited in 2011 under a consortium arrangement.
M/s. Bags Registry Services Pvt. Ltd. became the Corporate Guarantor for these credit facilities.
Loan and security documents were executed, including First Pari Passu Charge and 2nd Pari Passu Charge over assets, and pledge of 10% shares held by promoters.
…Central Bank of India granted working capital…
Sanction letter dated…