IDBI Bank has invited bids through e-auction for the sale of property of Great Indian Tamasha Company, which was running the Kingdom of Dreams in Gurugram.
IDBI Bank invites bids to sell property owned by Great Indian Tamasha Company - IDBI Bank has invited bids through e-auction for the sale of property of Great Indian Tamasha Company, which was running the Kingdom of Dreams.
IDBI Bank has invited bids through e-auction of property of Great Indian Tamasha Company, which was running the Kingdom of Dreams in Gurugram.The Great Indian Tamasha Company was the corporate guarantor of the Great Indian Nautanki Company. .
: Saturday, May 15, 2021, 10:49 PM IST
Mumbai: NCLT issues Insolvency Resolution Process against Wizcraft as principal loan borrower fails to repay Rs 60 cr
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The National Company Law Tribunal (NCLT) on Monday admitted a petition filed by IDBI Bank Ltd. seeking to invoke Insolvency and Bankruptcy proceedings against Wizcraft International Entertainment Private Limited for failing to pay around Rs 60 crore, an amount, which the original loan borrower - Great Indian Nautanki Company Private Limited (GINCL) failed to pay.
The bank alleged that Wizcraft being the corporate guarantor to the loan it granted to GINCL had issued an unconditional and unrecoverable Corporate Guarantee by which it undertook to pay forthwith upon demand without any demur all amounts payable by the borrower - GINCL. The bank even issued proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, in this matter.