A corporate guarantor is facing insolvency proceedings. The company in question had guaranteed a loan for a sugar company. A bank claims a significant default, totaling over 27 crore rupees, related to financial facilities provided to the sugar company.

The exact amount of default has not been determined at this stage. It will be assessed by the Interim Resolution Professional.

Further information on this case is available, including details of the companies involved and the tribunal's decision to initiate insolvency proceedings.