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 IB Rules, 2019 and Regulation 4(2) of the IB Regulations, 2019, for initiating the Insolvency Resolution Process against Mr. Sandeep Goyel, a personal guarantor to M/s BRG Iron & Steel Co. Pvt. Ltd. ("BRG"). The applicant, Central Bank of India, is a member of a consortium that had extended credit facilities to BRG. BRG defaulted on its payments, leading to its account being declared a Non-Performing Asset (NPA). The bank initiated recovery proceedings against the guarantors, including Mr. Goyel.
Central Bank of India, a member of a consortium, extended credit facilities to BRG Iron & Steel Co. Pvt. Ltd. (BRG). Mr. Sandeep Goyel acted as a personal guarantor for the loans provided to BRG. BRG defaulted on its payment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 23.08.2016. Central Bank of India initiated recovery proceedings against the guarantors under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. BRG was also subjected to corporate insolvency resolution process (CIRP) under Section 7 of the IBC, 2016, which was admitted on 03/02/2020. As no resolution plan was approved, BRG was put into liquidation. Central Bank of India filed an application under Section 95(1) of the IBC, 2016, seeking
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BRG requested the applicant vide a letter dated…
The Respondent stood as personal guarantor…
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 IB Rules, 2019 and Regulation 4(2) of the IB Regulations, 2019, for initiating the Insolvency Resolution Process against Mr. Sandeep Goyel, a personal guarantor to M/s BRG Iron & Steel Co. Pvt. Ltd. ("BRG"). The applicant, Central Bank of India, is a member of a consortium that had extended credit facilities to BRG. BRG defaulted on its payments, leading to its account being declared a Non-Performing Asset (NPA). The bank initiated recovery proceedings against the guarantors, including Mr. Goyel.
Central Bank of India, a member of a consortium, extended credit facilities to BRG Iron & Steel Co. Pvt. Ltd. (BRG). Mr. Sandeep Goyel acted as a personal guarantor for the loans provided to BRG. BRG defaulted on its payment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 23.08.2016. Central Bank of India initiated recovery proceedings against the guarantors under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. BRG was also subjected to corporate insolvency resolution process (CIRP) under Section 7 of the IBC, 2016, which was admitted on 03/02/2020. As no resolution plan was approved, BRG was put into liquidation. Central Bank of India filed an application under Section 95(1) of the IBC, 2016, seeking
…BRG requested the applicant vide a letter dated…
The Respondent stood as personal guarantor…