The case involves an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) by CFM Asset Reconstruction Private Limited, a creditor, against Mrs. Ragini Jain, the guarantor of Noida Software Technology Park Limited, the corporate debtor. CIRP had already been initiated against the corporate debtor, followed by a liquidation order. The creditor filed the application based on the guarantor's failure to fulfill the guarantee after the principal borrower defaulted on a loan of ₹25Crore from Indian Bank. The creditor issued a notice to the guarantor on 15.07.2020, demanding payment, but received no response.
CFM Asset Reconstruction Private Limited filed an application under Section 95 of the IBC against Mrs. Ragini Jain, guarantor of Noida Software Technology Park Limited. Noida Software Technology Park Limited had already undergone CIRP and liquidation. The application was based on a personal guarantee executed by Mrs. Jain on 04.03.2013, promising to repay a loan if the principal borrower, Noida Software Technology Park Limited, defaulted. The principal borrower had obtained a loan of ₹25Crore from Indian Bank and defaulted, leading to the account being declared NPA. The creditor issued a notice to the guarantor on 15.07.2020, demanding payment within 14 days, but received no response. The creditor served the application on the debtor via email on 23.12.2020 and hard
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Mrs. Ragini Jain executed a personal…
CIRP was initiated…
The case involves an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) by CFM Asset Reconstruction Private Limited, a creditor, against Mrs. Ragini Jain, the guarantor of Noida Software Technology Park Limited, the corporate debtor. CIRP had already been initiated against the corporate debtor, followed by a liquidation order. The creditor filed the application based on the guarantor's failure to fulfill the guarantee after the principal borrower defaulted on a loan of ₹25Crore from Indian Bank. The creditor issued a notice to the guarantor on 15.07.2020, demanding payment, but received no response.
CFM Asset Reconstruction Private Limited filed an application under Section 95 of the IBC against Mrs. Ragini Jain, guarantor of Noida Software Technology Park Limited. Noida Software Technology Park Limited had already undergone CIRP and liquidation. The application was based on a personal guarantee executed by Mrs. Jain on 04.03.2013, promising to repay a loan if the principal borrower, Noida Software Technology Park Limited, defaulted. The principal borrower had obtained a loan of ₹25Crore from Indian Bank and defaulted, leading to the account being declared NPA. The creditor issued a notice to the guarantor on 15.07.2020, demanding payment within 14 days, but received no response. The creditor served the application on the debtor via email on 23.12.2020 and hard
…Mrs. Ragini Jain executed a personal…
CIRP was initiated…