The petitioner, Gouri Shankar Jain, sought a direction from the High Court at Calcutta to remove his name from the list of defaulters maintained by Credit Information Bureau (India) Limited (CIBIL), now known as Trans Union CIBIL Limited. The petitioner was a guarantor for credit facilities availed by Divya Jyoti Sponge Iron Private Limited from Punjab National Bank (the first respondent). The company faced insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, and a Resolution Plan was approved by the National Company Law Tribunal (NCLT) on March 13, 2018. The petitioner argued that the Resolution Plan extinguished the company's liabilities, thereby extinguishing his personal guarantee. The bank, however, issued a notice under Section 13(2) of the
…Gouri Shankar Jain, the petitioner, was a director of Divya Jyoti Sponge Iron Private Limited. The company availed credit facilities from various banks, including Punjab National Bank (PNB), the first respondent. These credit facilities were secured by the personal guarantee of the petitioner. The company defaulted on payments, leading PNB to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, before the National Company Law Tribunal (NCLT), Kolkata. NCLT admitted the application on August 23, 2017, finding the company had defaulted on a payment of Rs. 29,33,65,793.94 as of June 30, 2012. A Resolution Professional was appointed, and a Resolution Plan was approved on March 13, 2018. The Resolution
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National Company Law Tribunal (NCLT), Kolkata,…
NCLT, Kolkata, approved…
The petitioner, Gouri Shankar Jain, sought a direction from the High Court at Calcutta to remove his name from the list of defaulters maintained by Credit Information Bureau (India) Limited (CIBIL), now known as Trans Union CIBIL Limited. The petitioner was a guarantor for credit facilities availed by Divya Jyoti Sponge Iron Private Limited from Punjab National Bank (the first respondent). The company faced insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, and a Resolution Plan was approved by the National Company Law Tribunal (NCLT) on March 13, 2018. The petitioner argued that the Resolution Plan extinguished the company's liabilities, thereby extinguishing his personal guarantee. The bank, however, issued a notice under Section 13(2) of the
…Gouri Shankar Jain, the petitioner, was a director of Divya Jyoti Sponge Iron Private Limited. The company availed credit facilities from various banks, including Punjab National Bank (PNB), the first respondent. These credit facilities were secured by the personal guarantee of the petitioner. The company defaulted on payments, leading PNB to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, before the National Company Law Tribunal (NCLT), Kolkata. NCLT admitted the application on August 23, 2017, finding the company had defaulted on a payment of Rs. 29,33,65,793.94 as of June 30, 2012. A Resolution Professional was appointed, and a Resolution Plan was approved on March 13, 2018. The Resolution
…National Company Law Tribunal (NCLT), Kolkata,…
NCLT, Kolkata, approved…