The case involves two appeals, Comp. App. (AT) (Ins) No. 863 of 2024 and Comp. App. (AT) (Ins) No. 1135 of 2024, filed by Dheeraj Wadhawan and Kapil Wadhawan respectively, against Union Bank of India & Anr. These appeals challenge the admission of applications filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, by Union Bank of India for initiating insolvency proceedings against the Appellants, who are personal guarantors to Dewan Housing Finance Corporation Limited (DHFL). The applications were assigned CP (IB) No. 4/MB/2021 and CP (IB) No. 5/MB/2021 and admitted on 20.03.2024 and 02.04.2024 respectively.
Reserve Bank of India (RBI) initiated Corporate Insolvency Resolution Process (CIRP) against Dewan Housing Finance Corporation Limited (DHFL) by filing CP (IB) No. 4258/MB/2019, which was admitted on 03.12.2019. Union Bank of India (UBI) filed a claim of Rs. 36,45,56,87,597.83, out of which Rs. 35,17,30,39,020/- was admitted. DHFL had availed term loan facilities and working capital facilities of Rs. 450 Cr. each. Dheeraj Wadhawan and Kapil Wadhawan, the Appellants, gave personal guarantees for the credit facilities, executing a joint deed of guarantee on 22.06.2019. Union Bank of India invoked the joint deed of guarantee on 10.09.2020 and sent a demand notice on 07.10.2020. Subsequently, UBI filed applications under Section 95(1) of the Insolvency and Bankruptcy Code
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Reserve Bank of India (RBI) filed CP (IB)…
Dheeraj Wadhawan and Kapil Wadhawan executed a…
The case involves two appeals, Comp. App. (AT) (Ins) No. 863 of 2024 and Comp. App. (AT) (Ins) No. 1135 of 2024, filed by Dheeraj Wadhawan and Kapil Wadhawan respectively, against Union Bank of India & Anr. These appeals challenge the admission of applications filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, by Union Bank of India for initiating insolvency proceedings against the Appellants, who are personal guarantors to Dewan Housing Finance Corporation Limited (DHFL). The applications were assigned CP (IB) No. 4/MB/2021 and CP (IB) No. 5/MB/2021 and admitted on 20.03.2024 and 02.04.2024 respectively.
Reserve Bank of India (RBI) initiated Corporate Insolvency Resolution Process (CIRP) against Dewan Housing Finance Corporation Limited (DHFL) by filing CP (IB) No. 4258/MB/2019, which was admitted on 03.12.2019. Union Bank of India (UBI) filed a claim of Rs. 36,45,56,87,597.83, out of which Rs. 35,17,30,39,020/- was admitted. DHFL had availed term loan facilities and working capital facilities of Rs. 450 Cr. each. Dheeraj Wadhawan and Kapil Wadhawan, the Appellants, gave personal guarantees for the credit facilities, executing a joint deed of guarantee on 22.06.2019. Union Bank of India invoked the joint deed of guarantee on 10.09.2020 and sent a demand notice on 07.10.2020. Subsequently, UBI filed applications under Section 95(1) of the Insolvency and Bankruptcy Code
…Reserve Bank of India (RBI) filed CP (IB)…
Dheeraj Wadhawan and Kapil Wadhawan executed a…