The case involves an application filed by Central Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Anjani Kumar Goel, a personal guarantor to M/s BRG Iron & Steel Co. Pvt. Ltd. The bank sought to initiate the Insolvency Resolution Process against the guarantor due to the corporate debtor's default on loan repayments. The corporate debtor, BRG, had received financial assistance from a consortium of banks, including the applicant, and Mr. Goel had provided a personal guarantee for the loan. BRG's account was declared a Non-Performing Asset, and the bank initiated recovery proceedings against the guarantors.
Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Anjani Kumar Goel, a personal guarantor to M/s BRG Iron & Steel Co. Pvt. Ltd. BRG had received loans and credit facilities from a consortium of banks, including the applicant. Mr. Goel provided a personal guarantee for these loans. BRG's account was declared a Non-Performing Asset on 23.08.2016 due to its failure to make payments. The bank initiated recovery proceedings against the guarantors under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. An IBC application against BRG was admitted on 03/02/2020, and the company is currently undergoing liquidation. The applicant issued a demand notice to Mr. Goel on 16/02/2019, but
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The Applicant is a statutory body Corporate…
BRG requested the applicant vide a letter dated…
The case involves an application filed by Central Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Anjani Kumar Goel, a personal guarantor to M/s BRG Iron & Steel Co. Pvt. Ltd. The bank sought to initiate the Insolvency Resolution Process against the guarantor due to the corporate debtor's default on loan repayments. The corporate debtor, BRG, had received financial assistance from a consortium of banks, including the applicant, and Mr. Goel had provided a personal guarantee for the loan. BRG's account was declared a Non-Performing Asset, and the bank initiated recovery proceedings against the guarantors.
Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Anjani Kumar Goel, a personal guarantor to M/s BRG Iron & Steel Co. Pvt. Ltd. BRG had received loans and credit facilities from a consortium of banks, including the applicant. Mr. Goel provided a personal guarantee for these loans. BRG's account was declared a Non-Performing Asset on 23.08.2016 due to its failure to make payments. The bank initiated recovery proceedings against the guarantors under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. An IBC application against BRG was admitted on 03/02/2020, and the company is currently undergoing liquidation. The applicant issued a demand notice to Mr. Goel on 16/02/2019, but
…The Applicant is a statutory body Corporate…
BRG requested the applicant vide a letter dated…