TUF Metallurgical Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Wadhwa Glass Processors Private Limited, alleging default in repayment of debt.
TUF Metallurgical Private Limited filed a petition to initiate CIRP against Wadhwa Glass Processors Private Limited.
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The alleged default was in repayment of a debt of Rs. 1,31,66,125/- as on 04.02.2019.
The debt was related to a Share Pledge Agreement dated 04.04.2017 and a Corporate Guarantee dated 31.08.2017.
Wadhwa Glass Processors Private Limited was a guarantor to the principal borrower, Albus India Private Limited.
The Financial Creditor recalled the loan via a loan recall notice dated 28.05.2018.
The Adjudicating Authority previously dismissed the application on the ground of non-maintainability.
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TUF Metallurgical Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Wadhwa Glass Processors Private Limited, alleging default in repayment of debt.
TUF Metallurgical Private Limited filed a petition to initiate CIRP against Wadhwa Glass Processors Private Limited.
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The alleged default was in repayment of a debt of Rs. 1,31,66,125/- as on 04.02.2019.
The debt was related to a Share Pledge Agreement dated 04.04.2017 and a Corporate Guarantee dated 31.08.2017.
Wadhwa Glass Processors Private Limited was a guarantor to the principal borrower, Albus India Private Limited.
The Financial Creditor recalled the loan via a loan recall notice dated 28.05.2018.
The Adjudicating Authority previously dismissed the application on the ground of non-maintainability.
…Share Pledge A…
Corporate Gua…