The case involves a Civil Revision Petition filed under Article 227 of the Constitution of India to set aside an order passed by the Debt Recovery Tribunal (DRT) - II, Chennai. The petitioner, Rohit Nath, is a personal guarantor for a corporate debtor, Alectrona Energy Private Ltd., which borrowed a sum of Rs.35,00,00,000/- from KEB Hana Bank Ltd. The company defaulted, and the loan accounts were classified as Non-Performing Assets. The respondent bank initiated bankruptcy proceedings against the petitioner before the DRT. Simultaneously, the respondent bank initiated corporate insolvency resolution process (CIRP) against the corporate debtor before the National Company Law Tribunal (NCLT). The petitioner contended that the proceedings against him should be transferred
…Alectrona Energy Private Ltd. borrowed Rs.35,00,00,000/- as working capital from KEB Hana Bank Ltd. during 2016-2018 and also availed a foreign letter of credit of Rs.5,40,97,392.45. The company defaulted in payment, and the loan accounts were classified as Non-Performing Assets on 2018-08-29. As of 2022-02-23, Rs.60,61,13,173.26 was due, including Rs.39,37,90,400/- as secured debt and Rs.21,23,22,773.26 as unsecured debt. The Government of India issued a notification on 2019-11-15, effective 2019-12-01, bringing provisions of the IBC into force for personal guarantors to corporate debtors. The respondent bank filed an application on 2020-03-09 before the DRT-II, Chennai, under Section 95 of the IBC against Rohit Nath, the personal guarantor, for the unsecured portion
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Alectrona Energy Private Ltd. borrowed…
Loan accounts were…
The case involves a Civil Revision Petition filed under Article 227 of the Constitution of India to set aside an order passed by the Debt Recovery Tribunal (DRT) - II, Chennai. The petitioner, Rohit Nath, is a personal guarantor for a corporate debtor, Alectrona Energy Private Ltd., which borrowed a sum of Rs.35,00,00,000/- from KEB Hana Bank Ltd. The company defaulted, and the loan accounts were classified as Non-Performing Assets. The respondent bank initiated bankruptcy proceedings against the petitioner before the DRT. Simultaneously, the respondent bank initiated corporate insolvency resolution process (CIRP) against the corporate debtor before the National Company Law Tribunal (NCLT). The petitioner contended that the proceedings against him should be transferred
…Alectrona Energy Private Ltd. borrowed Rs.35,00,00,000/- as working capital from KEB Hana Bank Ltd. during 2016-2018 and also availed a foreign letter of credit of Rs.5,40,97,392.45. The company defaulted in payment, and the loan accounts were classified as Non-Performing Assets on 2018-08-29. As of 2022-02-23, Rs.60,61,13,173.26 was due, including Rs.39,37,90,400/- as secured debt and Rs.21,23,22,773.26 as unsecured debt. The Government of India issued a notification on 2019-11-15, effective 2019-12-01, bringing provisions of the IBC into force for personal guarantors to corporate debtors. The respondent bank filed an application on 2020-03-09 before the DRT-II, Chennai, under Section 95 of the IBC against Rohit Nath, the personal guarantor, for the unsecured portion
…Alectrona Energy Private Ltd. borrowed…
Loan accounts were…