The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 and Regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, to initiate the Insolvency Resolution Process against Mr. Himanshu Goyal, a personal guarantor to the corporate debtor, BRG Iron & Steel Co. Pvt. Ltd. The applicant, Central Bank of India, is a statutory body constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 and a member of a consortium finance account termed as UCO
…Central Bank of India, the applicant, is a statutory body under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970. BRG Iron & Steel Co. Pvt. Ltd. (BRG) requested credit facilities from the UCO Bank Consortium, of which the applicant is a member. The applicant granted loans and credit facilities to BRG. Subsequently, the consortium provided financial assistance to Golden Management Pvt. Ltd., which later merged with BRG. Mr. Himanshu Goyal, the respondent, stood as a personal guarantor for BRG's debts and entered into a Master Restructure Agreement dated 2014-07-21. BRG defaulted on its payments, leading to its account being declared a Non-Performing Asset on 2016-08-23. The applicant initiated action under the Recovery of Debts Due to Banks
…Sign in to view the parties.
Central Bank of India constituted under the…
BRG requested the…
The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 and Regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, to initiate the Insolvency Resolution Process against Mr. Himanshu Goyal, a personal guarantor to the corporate debtor, BRG Iron & Steel Co. Pvt. Ltd. The applicant, Central Bank of India, is a statutory body constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 and a member of a consortium finance account termed as UCO
…Central Bank of India, the applicant, is a statutory body under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970. BRG Iron & Steel Co. Pvt. Ltd. (BRG) requested credit facilities from the UCO Bank Consortium, of which the applicant is a member. The applicant granted loans and credit facilities to BRG. Subsequently, the consortium provided financial assistance to Golden Management Pvt. Ltd., which later merged with BRG. Mr. Himanshu Goyal, the respondent, stood as a personal guarantor for BRG's debts and entered into a Master Restructure Agreement dated 2014-07-21. BRG defaulted on its payments, leading to its account being declared a Non-Performing Asset on 2016-08-23. The applicant initiated action under the Recovery of Debts Due to Banks
…Central Bank of India constituted under the…
BRG requested the…