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 (IR Process) against Mr. Jai Kumar Goyal, a personal guarantor to M/s 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 that provided credit
…Central Bank of India, the applicant, is a statutory body constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970. The applicant is a member of a consortium that extended credit facilities to M/s BRG Iron & Steel Co. Pvt. Ltd. (BRG), the Corporate Debtor. BRG requested non-fund-based credit facilities in 2012. The consortium, including the applicant, initially provided financial assistance to Golden Management Pvt. Ltd., which later merged with BRG. Mr. Jai Kumar Goyal, the respondent, stood as a personal guarantor for BRG. A Master Restructure Agreement was executed on 21.07.2014, following a Letter of Approval (LOA) dated 30.10.2014. Mr. Jai Kumar Goyal and other individuals provided personal guarantees with joint and several
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BRG requested the…
The Respondent entered…
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 (IR Process) against Mr. Jai Kumar Goyal, a personal guarantor to M/s 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 that provided credit
…Central Bank of India, the applicant, is a statutory body constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970. The applicant is a member of a consortium that extended credit facilities to M/s BRG Iron & Steel Co. Pvt. Ltd. (BRG), the Corporate Debtor. BRG requested non-fund-based credit facilities in 2012. The consortium, including the applicant, initially provided financial assistance to Golden Management Pvt. Ltd., which later merged with BRG. Mr. Jai Kumar Goyal, the respondent, stood as a personal guarantor for BRG. A Master Restructure Agreement was executed on 21.07.2014, following a Letter of Approval (LOA) dated 30.10.2014. Mr. Jai Kumar Goyal and other individuals provided personal guarantees with joint and several
…BRG requested the…
The Respondent entered…