The case involves an application filed by Bank of India, the financial creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Ms. Ginni Devi, 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 an outstanding debt of Rs. 113.83 crores as of 31.01.2021. 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 Section 7 application was previously filed against the corporate debtor, resulting in the initiation of CIRP proceedings and subsequent liquidation.
Bank of India, acting as the financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Ms. Ginni Devi, who is the personal guarantor for the corporate debtor, M/s. Shree Raj Mahal Jewellers Private Limited. The corporate debtor had availed a 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 a Non-Performing Asset (NPA) on 30.06.20215. A Section 7 application was filed against the corporate debtor, resulting in the initiation of Corporate Insolvency Resolution Process (CIRP). Subsequently, due to the
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A section 7 application under the I&B Code,…
The Hon'ble Tribunal admitted the Section 7…
The case involves an application filed by Bank of India, the financial creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Ms. Ginni Devi, 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 an outstanding debt of Rs. 113.83 crores as of 31.01.2021. 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 Section 7 application was previously filed against the corporate debtor, resulting in the initiation of CIRP proceedings and subsequent liquidation.
Bank of India, acting as the financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Ms. Ginni Devi, who is the personal guarantor for the corporate debtor, M/s. Shree Raj Mahal Jewellers Private Limited. The corporate debtor had availed a 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 a Non-Performing Asset (NPA) on 30.06.20215. A Section 7 application was filed against the corporate debtor, resulting in the initiation of Corporate Insolvency Resolution Process (CIRP). Subsequently, due to the
…A section 7 application under the I&B Code,…
The Hon'ble Tribunal admitted the Section 7…