These are two company appeals filed by Iqbal Jumabhoy and Hussain Somjee, who are personal guarantors to a loan agreement between Indiabulls Housing Finance Limited (IHFL) and M/s. Raffles Residency Private Limited. The appeals challenge the orders passed by the Adjudicating Authority under Section 100 of the I&B Code, 2016, admitting applications filed under Section 95 for initiation of Insolvency Resolution Process (IRP) against the personal guarantors. The Appellants argue that the orders were passed without providing them an effective hearing prior to the acceptance of the Resolution Professional's report under Section 99 of the I&B Code, 2016. The Appellants also contend that the Financial Creditor relied upon the same loan agreement and personal guarantee
…Indiabulls Housing Finance Limited (IHFL) entered into a loan agreement with M/s. Raffles Residency Private Limited, with Iqbal Jumabhoy and Hussain Somjee acting as personal guarantors. IHFL issued a demand notice on 14.02.2020 under Section 13(2) of the SARFAESI Act, 2002, and another notice on 20.02.2020 under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019. IHFL filed applications before DRT, Bengaluru, in IR No. 39 and 40 of 2020 on 12.08.2020 to invoke the personal guarantees. A settlement agreement was allegedly reached on 01.02.2022, leading to the withdrawal of DRT proceedings. IHFL assigned the debt to Indiabulls Asset Reconstruction Company Private Limited (IBARCL) on 30.09.2020, who further assigned it to Asset Care and Reconstruction Enterprise
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Indiabulls Housing Finance Limited (IHFL)…
IHFL issued a demand…
These are two company appeals filed by Iqbal Jumabhoy and Hussain Somjee, who are personal guarantors to a loan agreement between Indiabulls Housing Finance Limited (IHFL) and M/s. Raffles Residency Private Limited. The appeals challenge the orders passed by the Adjudicating Authority under Section 100 of the I&B Code, 2016, admitting applications filed under Section 95 for initiation of Insolvency Resolution Process (IRP) against the personal guarantors. The Appellants argue that the orders were passed without providing them an effective hearing prior to the acceptance of the Resolution Professional's report under Section 99 of the I&B Code, 2016. The Appellants also contend that the Financial Creditor relied upon the same loan agreement and personal guarantee
…Indiabulls Housing Finance Limited (IHFL) entered into a loan agreement with M/s. Raffles Residency Private Limited, with Iqbal Jumabhoy and Hussain Somjee acting as personal guarantors. IHFL issued a demand notice on 14.02.2020 under Section 13(2) of the SARFAESI Act, 2002, and another notice on 20.02.2020 under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019. IHFL filed applications before DRT, Bengaluru, in IR No. 39 and 40 of 2020 on 12.08.2020 to invoke the personal guarantees. A settlement agreement was allegedly reached on 01.02.2022, leading to the withdrawal of DRT proceedings. IHFL assigned the debt to Indiabulls Asset Reconstruction Company Private Limited (IBARCL) on 30.09.2020, who further assigned it to Asset Care and Reconstruction Enterprise
…Indiabulls Housing Finance Limited (IHFL)…
IHFL issued a demand…