The case involves an application filed by Bank of India, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Ashok Goel, the Personal Guarantor to the Corporate Debtor, M/s. Shree Raj Mahal Jewellers Private Limited. The application seeks to initiate the Insolvency Resolution Process against the personal guarantor due to outstanding debt of Rs. 113.83 crores as of 31.01.2021, owed by the Corporate Debtor. The Corporate Debtor had availed loan from a consortium of lenders, including Bank of India, but failed to maintain financial discipline, leading to its account being declared NPA. A prior CIRP proceeding was initiated against the Corporate Debtor under Section 7 of the I&B Code, and the Corporate Debtor is currently
…M/s. Bank of India, the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Ashok Goel, the Personal Guarantor to the Corporate Debtor, M/s. Shree Raj Mahal Jewellers Private Limited. The Corporate Debtor availed loan from a consortium of lenders, including Bank of India, Federal Bank, Central Bank of India and Corporation Bank, under a Working Capital Consortium Agreement. The Corporate Debtor failed to maintain financial discipline, leading to its account being declared NPA on 30.06.20215. A Section 7 application was filed against the Corporate Debtor, leading to CIRP proceedings, and subsequently, liquidation. A demand notice was issued by Bank of India to the Personal Guarantor on 17.02.2021, for the
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The Hon'ble Tribunal…
The Tribunal allowed…
The case involves an application filed by Bank of India, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Ashok Goel, the Personal Guarantor to the Corporate Debtor, M/s. Shree Raj Mahal Jewellers Private Limited. The application seeks to initiate the Insolvency Resolution Process against the personal guarantor due to outstanding debt of Rs. 113.83 crores as of 31.01.2021, owed by the Corporate Debtor. The Corporate Debtor had availed loan from a consortium of lenders, including Bank of India, but failed to maintain financial discipline, leading to its account being declared NPA. A prior CIRP proceeding was initiated against the Corporate Debtor under Section 7 of the I&B Code, and the Corporate Debtor is currently
…M/s. Bank of India, the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Ashok Goel, the Personal Guarantor to the Corporate Debtor, M/s. Shree Raj Mahal Jewellers Private Limited. The Corporate Debtor availed loan from a consortium of lenders, including Bank of India, Federal Bank, Central Bank of India and Corporation Bank, under a Working Capital Consortium Agreement. The Corporate Debtor failed to maintain financial discipline, leading to its account being declared NPA on 30.06.20215. A Section 7 application was filed against the Corporate Debtor, leading to CIRP proceedings, and subsequently, liquidation. A demand notice was issued by Bank of India to the Personal Guarantor on 17.02.2021, for the
…The Hon'ble Tribunal…
The Tribunal allowed…