DMI Finance Private Limited, a financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against R.M. Garg, a guarantor, due to the failure to discharge obligations related to personal guarantees for loans availed by Ninex Developers Ltd. and Abloom Infotech Pvt. Ltd. The loans, amounting to ₹27,00,00,000 and ₹16,00,00,000 respectively, were defaulted upon by the borrowers, leading the creditor to invoke the guarantees. NCLT had already initiated CIRP against Ninex Developers Ltd. The guarantor failed to make payments despite a demand notice, leading to the creditor's application for initiating the Insolvency Resolution Process and appointing a Resolution Professional.
DMI Finance Private Limited extended a loan facility of ₹27 Crore to Ninex Developers Ltd. and its affiliates, and another loan of ₹16 Crore to Abloom Infotech Pvt. Ltd. R.M. Garg provided personal guarantees for these loans. Ninex Developers Ltd. and Abloom Infotech Pvt. Ltd. defaulted on the loans. DMI Finance Private Limited invoked the guarantees against R.M. Garg, issuing notices on 03.01.2020. R.M. Garg failed to pay the outstanding debt of ₹10,82,71688. A demand notice was served on R.M. Garg on 16.01.2020 under Section 95 of the Insolvency and Bankruptcy Code, 2016, calling upon him to pay ₹10,83,57,515. The demand notice was delivered on 20.01.2020. R.M. Garg filed a writ petition in the Delhi High Court seeking a stay against the proceedings. NCLT had
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NCLT initiated CIRP…
Creditor invo…
DMI Finance Private Limited, a financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against R.M. Garg, a guarantor, due to the failure to discharge obligations related to personal guarantees for loans availed by Ninex Developers Ltd. and Abloom Infotech Pvt. Ltd. The loans, amounting to ₹27,00,00,000 and ₹16,00,00,000 respectively, were defaulted upon by the borrowers, leading the creditor to invoke the guarantees. NCLT had already initiated CIRP against Ninex Developers Ltd. The guarantor failed to make payments despite a demand notice, leading to the creditor's application for initiating the Insolvency Resolution Process and appointing a Resolution Professional.
DMI Finance Private Limited extended a loan facility of ₹27 Crore to Ninex Developers Ltd. and its affiliates, and another loan of ₹16 Crore to Abloom Infotech Pvt. Ltd. R.M. Garg provided personal guarantees for these loans. Ninex Developers Ltd. and Abloom Infotech Pvt. Ltd. defaulted on the loans. DMI Finance Private Limited invoked the guarantees against R.M. Garg, issuing notices on 03.01.2020. R.M. Garg failed to pay the outstanding debt of ₹10,82,71688. A demand notice was served on R.M. Garg on 16.01.2020 under Section 95 of the Insolvency and Bankruptcy Code, 2016, calling upon him to pay ₹10,83,57,515. The demand notice was delivered on 20.01.2020. R.M. Garg filed a writ petition in the Delhi High Court seeking a stay against the proceedings. NCLT had
…NCLT initiated CIRP…
Creditor invo…