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. The applicant, Central Bank of India, is a member of a consortium that had extended credit facilities to BRG. BRG defaulted on its payments and was declared a Non-Performing Asset on 23.08.2016. An IBC application against BRG was admitted, and the company is undergoing liquidation. The applicant issued a demand notice to Mr. Goyel, but received no response.
Central Bank of India, a member of a consortium, extended credit facilities to M/s BRG Iron & Steel Co. Pvt. Ltd. (BRG). Mr. Sandeep Goyel stood as a personal guarantor for the loan. BRG defaulted on its payments, leading to its account being declared a Non-Performing Asset on 23.08.2016. An IBC application against BRG was admitted, and the company is undergoing liquidation. Central Bank of India issued a demand notice to Mr. Goyel on 16/02/2019 under rule 7(1) of the IB Rules, 2019, but received no response. The applicant initiated action against the guarantors under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, which is presently pending before the Ld. Debt Recovery Tribunal-I Kolkata being OA No. 31/2020. The applicant seeks initiation
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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 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. The applicant, Central Bank of India, is a member of a consortium that had extended credit facilities to BRG. BRG defaulted on its payments and was declared a Non-Performing Asset on 23.08.2016. An IBC application against BRG was admitted, and the company is undergoing liquidation. The applicant issued a demand notice to Mr. Goyel, but received no response.
Central Bank of India, a member of a consortium, extended credit facilities to M/s BRG Iron & Steel Co. Pvt. Ltd. (BRG). Mr. Sandeep Goyel stood as a personal guarantor for the loan. BRG defaulted on its payments, leading to its account being declared a Non-Performing Asset on 23.08.2016. An IBC application against BRG was admitted, and the company is undergoing liquidation. Central Bank of India issued a demand notice to Mr. Goyel on 16/02/2019 under rule 7(1) of the IB Rules, 2019, but received no response. The applicant initiated action against the guarantors under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, which is presently pending before the Ld. Debt Recovery Tribunal-I Kolkata being OA No. 31/2020. The applicant seeks initiation
…The Applicant is a statutory body Corporate…
BRG requested the applicant vide a letter dated…