The case involves a writ petition filed by Vineet Saraf seeking to quash a demand notice issued by Rural Electrification Corporation Ltd. (REC Ltd.) under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The demand notice pertains to the personal guarantees invoked by REC Ltd. for a purported total outstanding debt of Rs. 1211,91,94,259 related to a loan obtained by FACOR Power Ltd. (FPL), for which Vineet Saraf stood as a personal guarantor. The loan agreement was initially dated 22.05.2009 and subsequently amended. FPL defaulted, leading REC Ltd. to initiate Corporate Insolvency Resolution Process (CIRP) against Ferro Alloys Corporation Ltd.
…Vineet Saraf stood as a personal guarantor for a loan obtained by FACOR Power Ltd. (FPL) from Rural Electrification Corporation Ltd. (REC Ltd.). The loan agreement was dated 22.05.2009 and subsequently amended. FPL defaulted on the loan, leading REC Ltd. to initiate Corporate Insolvency Resolution Process (CIRP) against Ferro Alloys Corporation Ltd. (FACOR). A resolution plan was approved by NCLT Cuttack and later dismissed by NCLAT. REC Ltd. assigned the loan to FACOR, but the assignment agreement excluded personal guarantees. REC Ltd. then issued a demand notice to Vineet Saraf under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to
…Sign in to view the parties.
The initial date of the loan agreement between…
REC Ltd. initiated Corporate Insolvency…
The case involves a writ petition filed by Vineet Saraf seeking to quash a demand notice issued by Rural Electrification Corporation Ltd. (REC Ltd.) under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The demand notice pertains to the personal guarantees invoked by REC Ltd. for a purported total outstanding debt of Rs. 1211,91,94,259 related to a loan obtained by FACOR Power Ltd. (FPL), for which Vineet Saraf stood as a personal guarantor. The loan agreement was initially dated 22.05.2009 and subsequently amended. FPL defaulted, leading REC Ltd. to initiate Corporate Insolvency Resolution Process (CIRP) against Ferro Alloys Corporation Ltd.
…Vineet Saraf stood as a personal guarantor for a loan obtained by FACOR Power Ltd. (FPL) from Rural Electrification Corporation Ltd. (REC Ltd.). The loan agreement was dated 22.05.2009 and subsequently amended. FPL defaulted on the loan, leading REC Ltd. to initiate Corporate Insolvency Resolution Process (CIRP) against Ferro Alloys Corporation Ltd. (FACOR). A resolution plan was approved by NCLT Cuttack and later dismissed by NCLAT. REC Ltd. assigned the loan to FACOR, but the assignment agreement excluded personal guarantees. REC Ltd. then issued a demand notice to Vineet Saraf under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to
…The initial date of the loan agreement between…
REC Ltd. initiated Corporate Insolvency…