The appeals were filed under Section 61 of the Insolvency and Bankruptcy Code 2016 by the Appellants against orders dated 30.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-II). The Adjudicating Authority admitted Section 95 petitions filed by Alchemist Asset Reconstruction Company Limited-Financial Creditor and initiated Insolvency Process against the Appellants-Personal Guarantors (Paresh Parekh and Manish Patel). The Appellants are Personal Guarantors of the Corporate Debtor-Sort India Enviro Solutions Ltd. Alchemist Asset Reconstruction Company Limited-Financial Creditor filed applications under Section 95 of IBC against both the Personal Guarantors.
Sort India Enviro Solutions Ltd. (SIESL)-Corporate Debtor entered into a Working Capital Agreement and Term Loan Agreement with RBL Bank Ltd. on 28.11.2015. The Corporate Debtor and its Personal Guarantors (Paresh Parekh and Manish Patel) executed documents securing credit facilities not exceeding Rs.32.30 crore. A Deed of Guarantee was executed on 28.11.2015 and 17.10.2016 by the PG to repay the debt in case of default. On 12.11.2016, a Put Option Agreement was entered into between the Corporate Debtor, RBL Bank, PG, and Agnus Capital LLP. The Corporate Debtor defaulted, and the loan account was declared NPA on 31.05.2018. An Assignment Agreement was executed on 28.06.2018 by RBL Bank with Alchemist Asset Reconstruction Company Limited-Respondent No.1/Financial
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Sort India Enviro Solutions Ltd. entered into a…
Deed of Guarantee…
The appeals were filed under Section 61 of the Insolvency and Bankruptcy Code 2016 by the Appellants against orders dated 30.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-II). The Adjudicating Authority admitted Section 95 petitions filed by Alchemist Asset Reconstruction Company Limited-Financial Creditor and initiated Insolvency Process against the Appellants-Personal Guarantors (Paresh Parekh and Manish Patel). The Appellants are Personal Guarantors of the Corporate Debtor-Sort India Enviro Solutions Ltd. Alchemist Asset Reconstruction Company Limited-Financial Creditor filed applications under Section 95 of IBC against both the Personal Guarantors.
Sort India Enviro Solutions Ltd. (SIESL)-Corporate Debtor entered into a Working Capital Agreement and Term Loan Agreement with RBL Bank Ltd. on 28.11.2015. The Corporate Debtor and its Personal Guarantors (Paresh Parekh and Manish Patel) executed documents securing credit facilities not exceeding Rs.32.30 crore. A Deed of Guarantee was executed on 28.11.2015 and 17.10.2016 by the PG to repay the debt in case of default. On 12.11.2016, a Put Option Agreement was entered into between the Corporate Debtor, RBL Bank, PG, and Agnus Capital LLP. The Corporate Debtor defaulted, and the loan account was declared NPA on 31.05.2018. An Assignment Agreement was executed on 28.06.2018 by RBL Bank with Alchemist Asset Reconstruction Company Limited-Respondent No.1/Financial
…Sort India Enviro Solutions Ltd. entered into a…
Deed of Guarantee…