The case involves two commercial suits, CS(COMM) 8/2021 and CS(COMM) 20/2021, filed by Axis Trustee Services Limited and Norddeutsche Landesbank Girozentrale, respectively, against Brij Bhushan Singal and another defendant, seeking recovery of amounts due under personal guarantees provided for loans to Bhushan Steel Limited. Bhushan Steel defaulted on its obligations under a Facility Agreement, leading to the invocation of the personal guarantees. Corporate Insolvency Resolution Process (CIRP) was initiated against Bhushan Steel, and a resolution plan was approved. The financial creditors sought to recover the unresolved financial debt from the guarantors. The defendants argued that insolvency proceedings initiated against them trigger an interim moratorium under
…Axis Trustee Services Limited and Norddeutsche Landesbank Girozentrale filed commercial suits (CS(COMM) 8/2021 and CS(COMM) 20/2021) against Brij Bhushan Singal and another, seeking recovery of EUR 64,751,108.73 and EUR 44,102,086.02 respectively. These amounts are based on personal guarantees provided by the defendants for loans extended to Bhushan Steel Limited. Bhushan Steel defaulted on its Facility Agreement dated April 14, 2011, leading to the invocation of these guarantees. A Corporate Insolvency Resolution Process (CIRP) was initiated against Bhushan Steel, and a resolution plan was approved on May 15, 2018, which allowed financial creditors to recover unresolved debts from the guarantors. The plaintiffs issued demand notices, but the amounts remained unpaid.
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A Facility Agreement…
Plaintiff was a…
The case involves two commercial suits, CS(COMM) 8/2021 and CS(COMM) 20/2021, filed by Axis Trustee Services Limited and Norddeutsche Landesbank Girozentrale, respectively, against Brij Bhushan Singal and another defendant, seeking recovery of amounts due under personal guarantees provided for loans to Bhushan Steel Limited. Bhushan Steel defaulted on its obligations under a Facility Agreement, leading to the invocation of the personal guarantees. Corporate Insolvency Resolution Process (CIRP) was initiated against Bhushan Steel, and a resolution plan was approved. The financial creditors sought to recover the unresolved financial debt from the guarantors. The defendants argued that insolvency proceedings initiated against them trigger an interim moratorium under
…Axis Trustee Services Limited and Norddeutsche Landesbank Girozentrale filed commercial suits (CS(COMM) 8/2021 and CS(COMM) 20/2021) against Brij Bhushan Singal and another, seeking recovery of EUR 64,751,108.73 and EUR 44,102,086.02 respectively. These amounts are based on personal guarantees provided by the defendants for loans extended to Bhushan Steel Limited. Bhushan Steel defaulted on its Facility Agreement dated April 14, 2011, leading to the invocation of these guarantees. A Corporate Insolvency Resolution Process (CIRP) was initiated against Bhushan Steel, and a resolution plan was approved on May 15, 2018, which allowed financial creditors to recover unresolved debts from the guarantors. The plaintiffs issued demand notices, but the amounts remained unpaid.
…A Facility Agreement…
Plaintiff was a…