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 Mr. Tshering Pintso Bhutia, the Respondent, who is a personal guarantor to the Corporate Debtor, M/s. Blue Fern Venues Pvt. Ltd. The Corporate Debtor is already under liquidation. The bank had granted a term loan facility to the Corporate Debtor, which was secured by personal guarantees from the respondent and his wife. The Corporate Debtor defaulted on payments, leading to the account being classified as NPA. The bank initiated recovery proceedings against the Corporate Debtor and the personal
…Bank of Baroda (formerly Dena Bank) extended a term loan facility to M/s. Blue Fern Ventures Pvt. Ltd. (the Corporate Debtor) with a limit of Rs. 10,33,00,000.00, later extended to Rs. 28,94,00,000.00, as per a sanction letter dated 09.11.2010. Mr. Tshering Pintso Bhutia, the Respondent, along with Mrs. Ongmu Bhutia, provided personal guarantees for these credit facilities via letters of guarantee dated 12.06.2013. The Corporate Debtor defaulted on its payment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 30.11.2016. The bank issued a notice under Section 13(2) of the SARFAESI Act on 18.01.2017 and a possession notice on 16.01.2018. The bank also initiated action under Section 19 of the FDDBFI Act, 1993, before the Debts
…Sign in to view the parties.
Bank of Baroda granted term loan facility to…
Mr. Tshering Pintso…
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 Mr. Tshering Pintso Bhutia, the Respondent, who is a personal guarantor to the Corporate Debtor, M/s. Blue Fern Venues Pvt. Ltd. The Corporate Debtor is already under liquidation. The bank had granted a term loan facility to the Corporate Debtor, which was secured by personal guarantees from the respondent and his wife. The Corporate Debtor defaulted on payments, leading to the account being classified as NPA. The bank initiated recovery proceedings against the Corporate Debtor and the personal
…Bank of Baroda (formerly Dena Bank) extended a term loan facility to M/s. Blue Fern Ventures Pvt. Ltd. (the Corporate Debtor) with a limit of Rs. 10,33,00,000.00, later extended to Rs. 28,94,00,000.00, as per a sanction letter dated 09.11.2010. Mr. Tshering Pintso Bhutia, the Respondent, along with Mrs. Ongmu Bhutia, provided personal guarantees for these credit facilities via letters of guarantee dated 12.06.2013. The Corporate Debtor defaulted on its payment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 30.11.2016. The bank issued a notice under Section 13(2) of the SARFAESI Act on 18.01.2017 and a possession notice on 16.01.2018. The bank also initiated action under Section 19 of the FDDBFI Act, 1993, before the Debts
…Bank of Baroda granted term loan facility to…
Mr. Tshering Pintso…