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 the 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 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 Bank
…Central Bank of India, a statutory body, granted loans and credit facilities to BRG Iron & Steel Co. Pvt. Ltd. (BRG), a corporate debtor. Mr. Himanshu Goyal, one of the directors of BRG, provided a personal guarantee for the repayment of the loan. BRG defaulted on its payments, leading to its account being declared a Non-Performing Asset (NPA) on 23.08.2016. The Central Bank of India initiated recovery actions against the guarantors, including Mr. Goyal, under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Simultaneously, another financial creditor initiated an IBC application against BRG, which was admitted into CIRP on 03/02/2020, and subsequently, the company was put into liquidation. The Central Bank of India then filed an application
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Central Bank of India is constituted under…
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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 the 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 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 Bank
…Central Bank of India, a statutory body, granted loans and credit facilities to BRG Iron & Steel Co. Pvt. Ltd. (BRG), a corporate debtor. Mr. Himanshu Goyal, one of the directors of BRG, provided a personal guarantee for the repayment of the loan. BRG defaulted on its payments, leading to its account being declared a Non-Performing Asset (NPA) on 23.08.2016. The Central Bank of India initiated recovery actions against the guarantors, including Mr. Goyal, under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Simultaneously, another financial creditor initiated an IBC application against BRG, which was admitted into CIRP on 03/02/2020, and subsequently, the company was put into liquidation. The Central Bank of India then filed an application
…Central Bank of India is constituted under…
BRG requested the…