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The matter relates to the company M/s Zoom Developers Pvt. Ltd. (hereinafter referred to as 'ZDPL'). It was a private limited company having its corporate office at Mumbai. The company was undertaking works of infrastructure development projects on contract basis, subsequently, as the company grew, it acquired expertise in providing 'Engineering Design Drawing' Services, project management, Asset Reconstruction and supply of domain specialists for various industrial and infrastructure projects in India and abroad. For conduction of its business, the company acquired non-fund based credit facility by way of Bank guarantees for approximately Rs.1.80 crores from United Bank of India, Mumbai. In the year 1997-1998, the company secured certain works through Aggregators, which were independent companies, which assigned work to ZDPL. It is further stated that between 1997-2003, the business of the company further grew and for this purpose, it required 'advance payment-cum-performance guarantees' from Banks of International repute of equivalent value and for this purpose, it approached multiple banks in India and seven banks formed a consortium led by Punjab National Bank. The foreign banks issued bank guarantees on the basis of the bank guarantees issued by the domestic banks, and thus, through the Aggregators the company received various work orders for development of infrastructure as well as providing Engineering Design Services. This arrangement went on upto 2008 when the European and U.S. Market faced major financial crisis and then it is alleged that the company faced severe financial crunch.