The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging orders dated 29.08.2022 and 16.9.2022 passed by the Adjudicating Authority (NCLT, New Delhi). The appellant, Monica Jajoo, is a personal guarantor to a loan. PHL Fininvest Pvt. Ltd. (Respondent No. 1) initiated personal insolvency proceedings against the appellant after issuing a demand notice for Rs. 443,36,21,727/-. The NCLT initiated personal insolvency against the appellant and appointed Mr. Jayesh Natvarlal Sanghrajka as Resolution Professional. Subsequently, an application was filed for replacement of the Resolution Professional, and Mr. Jayant Prakash (Respondent No. 2) was appointed as the new Resolution Professional.
A Facility Agreement was entered into between Piramal Finance Limited ("PFL") and Hema Engineering Industries Ltd (“HEIL”) on 20.7.2017. PFL and Piramal Capital Ltd. (“PCL”) were amalgamated with Piramal Housing Finance Limited (“PHFL”), later renamed Piramal Capital & Housing Finance Limited (“PCHFL”). On 22.3.2019, the loan was assigned to PHL Fininvest Private Limited (Respondent No. 1). Respondent No. 1 issued a demand notice to Monica Jajoo (Appellant), the personal guarantor, for Rs. 443,36,21,727/-. Respondent No. 1 filed an application under section 95(1) of the IBC seeking initiation of personal insolvency against the Appellant on 21.6.2021. The NCLT initiated personal insolvency against the Appellant on 29.8.2022 and appointed Mr. Jayesh
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Piramal Finance Limited ("PFL") entered into a…
The loan on account of the Facility Agreement…
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging orders dated 29.08.2022 and 16.9.2022 passed by the Adjudicating Authority (NCLT, New Delhi). The appellant, Monica Jajoo, is a personal guarantor to a loan. PHL Fininvest Pvt. Ltd. (Respondent No. 1) initiated personal insolvency proceedings against the appellant after issuing a demand notice for Rs. 443,36,21,727/-. The NCLT initiated personal insolvency against the appellant and appointed Mr. Jayesh Natvarlal Sanghrajka as Resolution Professional. Subsequently, an application was filed for replacement of the Resolution Professional, and Mr. Jayant Prakash (Respondent No. 2) was appointed as the new Resolution Professional.
A Facility Agreement was entered into between Piramal Finance Limited ("PFL") and Hema Engineering Industries Ltd (“HEIL”) on 20.7.2017. PFL and Piramal Capital Ltd. (“PCL”) were amalgamated with Piramal Housing Finance Limited (“PHFL”), later renamed Piramal Capital & Housing Finance Limited (“PCHFL”). On 22.3.2019, the loan was assigned to PHL Fininvest Private Limited (Respondent No. 1). Respondent No. 1 issued a demand notice to Monica Jajoo (Appellant), the personal guarantor, for Rs. 443,36,21,727/-. Respondent No. 1 filed an application under section 95(1) of the IBC seeking initiation of personal insolvency against the Appellant on 21.6.2021. The NCLT initiated personal insolvency against the Appellant on 29.8.2022 and appointed Mr. Jayesh
…Piramal Finance Limited ("PFL") entered into a…
The loan on account of the Facility Agreement…