The case pertains to an application filed by Bank of Baroda (formerly Dena Bank) through Resolution Professional Shri Sanjit Kumar Nayak under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Mrs. Ongmu Bhutia, the Respondent, who is a personal guarantor to the Corporate Debtor, M/s. Bluefern Ventures P. Ltd. The bank had extended credit facilities to the Corporate Debtor, which later defaulted, leading to NPA classification and subsequent actions under SARFAESI Act and FDDBFI Act. CIRP and liquidation orders were previously passed against the Corporate Debtor. The bank is now pursuing insolvency resolution against the personal guarantor due to the corporate debtor's default.
Bank of Baroda (formerly Dena Bank) extended a term loan facility to M/s. Bluefern Ventures Pvt. Ltd., the Corporate Debtor, with Mrs. Ongmu Bhutia acting as a personal guarantor. The initial loan amount was Rs. 10,33,00,000.00, which was later extended to Rs. 28,94,00,000.00. The Corporate Debtor defaulted on the loan, leading to the account being classified as a Non-Performing Asset (NPA) on 30.11.2016. The bank initiated recovery proceedings under the SARFAESI Act and FDDBFI Act. CIRP was initiated against the Corporate Debtor, and a liquidation order was passed on 06.09.2019. The bank, as a Financial Creditor, filed a claim with the Liquidator. A statutory notice dated 08.09.2020 was served to Mrs. Ongmu Bhutia, the personal guarantor, requesting payment, but no
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Date of the initial sanction letter for the…
Date on which Mrs. Ongmu Bhutia and Mr.…
The case pertains to an application filed by Bank of Baroda (formerly Dena Bank) through Resolution Professional Shri Sanjit Kumar Nayak under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Mrs. Ongmu Bhutia, the Respondent, who is a personal guarantor to the Corporate Debtor, M/s. Bluefern Ventures P. Ltd. The bank had extended credit facilities to the Corporate Debtor, which later defaulted, leading to NPA classification and subsequent actions under SARFAESI Act and FDDBFI Act. CIRP and liquidation orders were previously passed against the Corporate Debtor. The bank is now pursuing insolvency resolution against the personal guarantor due to the corporate debtor's default.
Bank of Baroda (formerly Dena Bank) extended a term loan facility to M/s. Bluefern Ventures Pvt. Ltd., the Corporate Debtor, with Mrs. Ongmu Bhutia acting as a personal guarantor. The initial loan amount was Rs. 10,33,00,000.00, which was later extended to Rs. 28,94,00,000.00. The Corporate Debtor defaulted on the loan, leading to the account being classified as a Non-Performing Asset (NPA) on 30.11.2016. The bank initiated recovery proceedings under the SARFAESI Act and FDDBFI Act. CIRP was initiated against the Corporate Debtor, and a liquidation order was passed on 06.09.2019. The bank, as a Financial Creditor, filed a claim with the Liquidator. A statutory notice dated 08.09.2020 was served to Mrs. Ongmu Bhutia, the personal guarantor, requesting payment, but no
…Date of the initial sanction letter for the…
Date on which Mrs. Ongmu Bhutia and Mr.…