The petitioners, acting as personal guarantors for the Corporate Debtor Unitek Power Solutions India Limited, filed a writ petition seeking to quash Ext.P11 Order from the National Company Law Tribunal (NCLT), Kochi Bench. They also sought de novo adjudication of multiple CP(IBC) applications after submitting a counter affidavit. The Corporate Debtor had availed financial facilities from Federal Bank Limited, secured by the 1st petitioner's guarantee agreement, capped at ₹18 Crores. Upon the Corporate Debtor's default, Federal Bank assigned its financial assets to the 3rd respondent, an asset reconstruction company. The 3rd respondent initiated insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the NCLT, Chennai, which were
…The petitioners are personal guarantors to the Corporate Debtor, Unitek Power Solutions India Limited. The Corporate Debtor availed financial facilities from Federal Bank Limited, secured by the 1st petitioner's guarantee, capped at ₹18 Crores. The Corporate Debtor defaulted, leading Federal Bank to assign its financial assets to the 3rd respondent, an asset reconstruction company. The 3rd respondent initiated insolvency proceedings under Section 7 of the IBC before the NCLT, Chennai, which were allowed. The petitioners argued that claims against them were barred by limitation. The NCLT, Kochi Bench, initiated insolvency resolution process against the personal guarantors under Section 95(1) of the IBC, resulting in the Ext.P11 order appointing an Insolvency Resolution
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The petitioners, acting as personal guarantors for the Corporate Debtor Unitek Power Solutions India Limited, filed a writ petition seeking to quash Ext.P11 Order from the National Company Law Tribunal (NCLT), Kochi Bench. They also sought de novo adjudication of multiple CP(IBC) applications after submitting a counter affidavit. The Corporate Debtor had availed financial facilities from Federal Bank Limited, secured by the 1st petitioner's guarantee agreement, capped at ₹18 Crores. Upon the Corporate Debtor's default, Federal Bank assigned its financial assets to the 3rd respondent, an asset reconstruction company. The 3rd respondent initiated insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the NCLT, Chennai, which were
…The petitioners are personal guarantors to the Corporate Debtor, Unitek Power Solutions India Limited. The Corporate Debtor availed financial facilities from Federal Bank Limited, secured by the 1st petitioner's guarantee, capped at ₹18 Crores. The Corporate Debtor defaulted, leading Federal Bank to assign its financial assets to the 3rd respondent, an asset reconstruction company. The 3rd respondent initiated insolvency proceedings under Section 7 of the IBC before the NCLT, Chennai, which were allowed. The petitioners argued that claims against them were barred by limitation. The NCLT, Kochi Bench, initiated insolvency resolution process against the personal guarantors under Section 95(1) of the IBC, resulting in the Ext.P11 order appointing an Insolvency Resolution
…Agreement of G…
Assignment Agreement…