This appeal arises from an order dated 21.08.2024 passed by the NCLT, New Delhi Bench-II, initiating Personal Insolvency Resolution Process (PIRP) against Ms. Upkar Kaur, a personal guarantor to M/s Jagtar Singh & Sons Hydraulics Pvt. Ltd., for a default of Rs. 4,00,76,605/- as on 01.12.2021.
M/s Jagtar Singh & Sons Hydraulics Pvt. Ltd. (Corporate Debtor) approached M/s Intec Capital Limited (Financial Creditor) for credit facilities.
Two loan agreements were executed: one in 2013 for Rs. 3,18,00,000/- and another in 2016 for Rs. 41,32,383/-.
Ms. Upkar Kaur acted as a personal guarantor for the first loan.
The Corporate Debtor defaulted on payments, leading to the SBI account being frozen in July 2016.
A loan recall notice cum Arbitration Notice was issued on 18.07.2017.
CIRP proceedings were initiated against the Corporate Debtor under Section 7 of the IBC and admitted on 03.09.2019.
A settlement agreement was reached on 02.12.2019, with Justice (retd.) A.K. Sikri as Mediator.
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Financial Cr…
Loan agreement…
This appeal arises from an order dated 21.08.2024 passed by the NCLT, New Delhi Bench-II, initiating Personal Insolvency Resolution Process (PIRP) against Ms. Upkar Kaur, a personal guarantor to M/s Jagtar Singh & Sons Hydraulics Pvt. Ltd., for a default of Rs. 4,00,76,605/- as on 01.12.2021.
M/s Jagtar Singh & Sons Hydraulics Pvt. Ltd. (Corporate Debtor) approached M/s Intec Capital Limited (Financial Creditor) for credit facilities.
Two loan agreements were executed: one in 2013 for Rs. 3,18,00,000/- and another in 2016 for Rs. 41,32,383/-.
Ms. Upkar Kaur acted as a personal guarantor for the first loan.
The Corporate Debtor defaulted on payments, leading to the SBI account being frozen in July 2016.
A loan recall notice cum Arbitration Notice was issued on 18.07.2017.
CIRP proceedings were initiated against the Corporate Debtor under Section 7 of the IBC and admitted on 03.09.2019.
A settlement agreement was reached on 02.12.2019, with Justice (retd.) A.K. Sikri as Mediator.
…Financial Cr…
Loan agreement…