The case involves an appeal against the Adjudicating Authority's decision to admit a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appellant, Dilip Ramchandra Mohite, is the guarantor of a loan sanctioned to Telsar Construction Private Limited by Abhyudaya Cooperative Bank Ltd. The loan was classified as an NPA, and recovery proceedings were initiated. A settlement was attempted but not fully adhered to. The debt was assigned to Edelweiss Asset Reconstruction Company Ltd. The Adjudicating Authority admitted the petition, leading to the current appeal by the guarantor.
On 2011-10-28, a loan of Rs.45Crores was sanctioned to Telsar Construction Private Limited by Abhyudaya Cooperative Bank Ltd. Dilip Ramchandra Mohite and Anand Shaktikumar Sancheti were personal guarantors. DM Cooperative Private Limited provided a corporate guarantee. The account was classified as an NPA on 2013-05-31. The bank initiated SARFAESI Act proceedings and filed a Recovery Suit. A settlement was attempted on 2014-02-14, but not adhered to. A fresh notice was issued on 2015-03-03. The bank filed MA 17/2015 for a Recovery Certificate, issued on 2015-04-25 for Rs.23,69,54,603. On 2018-03-12, the borrower offered a Rs.16Crores settlement, and Rs.8Crores was paid. The debt was assigned to Edelweiss Asset Reconstruction Company Ltd. on 2019-03-18. A warrant of
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Rs.45Crores/- was sanctioned to Telsar…
The account of the…
The case involves an appeal against the Adjudicating Authority's decision to admit a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appellant, Dilip Ramchandra Mohite, is the guarantor of a loan sanctioned to Telsar Construction Private Limited by Abhyudaya Cooperative Bank Ltd. The loan was classified as an NPA, and recovery proceedings were initiated. A settlement was attempted but not fully adhered to. The debt was assigned to Edelweiss Asset Reconstruction Company Ltd. The Adjudicating Authority admitted the petition, leading to the current appeal by the guarantor.
On 2011-10-28, a loan of Rs.45Crores was sanctioned to Telsar Construction Private Limited by Abhyudaya Cooperative Bank Ltd. Dilip Ramchandra Mohite and Anand Shaktikumar Sancheti were personal guarantors. DM Cooperative Private Limited provided a corporate guarantee. The account was classified as an NPA on 2013-05-31. The bank initiated SARFAESI Act proceedings and filed a Recovery Suit. A settlement was attempted on 2014-02-14, but not adhered to. A fresh notice was issued on 2015-03-03. The bank filed MA 17/2015 for a Recovery Certificate, issued on 2015-04-25 for Rs.23,69,54,603. On 2018-03-12, the borrower offered a Rs.16Crores settlement, and Rs.8Crores was paid. The debt was assigned to Edelweiss Asset Reconstruction Company Ltd. on 2019-03-18. A warrant of
…Rs.45Crores/- was sanctioned to Telsar…
The account of the…