Two appeals were filed by a mother and son, who are co-guarantors for the same Corporate Debtor, M/s MMR Agro Foods Pvt. Ltd. Both had filed Section 94 petitions which were dismissed by the Adjudicating Authority (NCLT, New Delhi, Bench-III).
M/s MMR Agro Foods Pvt. Ltd. obtained credit facilities from Karnataka Bank.
Smt. Vimla Devi and Shri Manoj Aggarwal stood as personal guarantors for the Corporate Debtor.
The account of the Corporate Debtor was declared as NPA on 30.11.2022.
Section 13(2) Notice under SARFAESI Act was issued on 26.12.2022.
Possession Notice was sent to the guarantor by the Court Receiver on 26.05.2023.
Smt. Vimla Devi filed Petition No. 455 of 2023 under Section 94 of the IBC, which was dismissed for non-prosecution on 01.04.2024.
Smt. Vimla Devi filed a second Section 94 application bearing Petition No. 380 of 2024, which was also dismissed for non-prosecution on 10.07.2024.
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The account of the…
Section 13(2) Notice…
Two appeals were filed by a mother and son, who are co-guarantors for the same Corporate Debtor, M/s MMR Agro Foods Pvt. Ltd. Both had filed Section 94 petitions which were dismissed by the Adjudicating Authority (NCLT, New Delhi, Bench-III).
M/s MMR Agro Foods Pvt. Ltd. obtained credit facilities from Karnataka Bank.
Smt. Vimla Devi and Shri Manoj Aggarwal stood as personal guarantors for the Corporate Debtor.
The account of the Corporate Debtor was declared as NPA on 30.11.2022.
Section 13(2) Notice under SARFAESI Act was issued on 26.12.2022.
Possession Notice was sent to the guarantor by the Court Receiver on 26.05.2023.
Smt. Vimla Devi filed Petition No. 455 of 2023 under Section 94 of the IBC, which was dismissed for non-prosecution on 01.04.2024.
Smt. Vimla Devi filed a second Section 94 application bearing Petition No. 380 of 2024, which was also dismissed for non-prosecution on 10.07.2024.
…The account of the…
Section 13(2) Notice…