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, seeking to initiate the Insolvency Resolution Process (IR Process) against Mr. Navzer Kersi Dadina, a personal guarantor to KND Engineering Technologies Limited (KND). Indian Bank, the applicant, had extended credit facilities to KND, which were secured by personal guarantees from Mr. Dadina. KND defaulted on its payments, leading to its account being
…Indian Bank extended credit facilities to KND Engineering Technologies Limited (KND) for its business purposes. These credit facilities were secured by personal guarantees furnished by Mr. Navzer Kersi Dadina, who is one of the directors of KND. The personal guarantees were executed to ensure the repayment of loans and advances granted to KND, including interest, costs, and expenses. The credit facilities were enhanced or reduced over time at the request of KND and the guarantor, with personal guarantees executed on 12/07/2010, 28/03/2012, 29/03/2014, and 03/10/2016. KND defaulted on its payment obligations, leading to its account being declared a Non-Performing Asset (NPA) on 02/05/2018. An application under Section 9 of the IBC, 2016 was filed against KND, and the
…Sign in to view the parties.
Mr. Navzer Kersi Dadina…
Mr. Navzer Kersi Dadina…
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, seeking to initiate the Insolvency Resolution Process (IR Process) against Mr. Navzer Kersi Dadina, a personal guarantor to KND Engineering Technologies Limited (KND). Indian Bank, the applicant, had extended credit facilities to KND, which were secured by personal guarantees from Mr. Dadina. KND defaulted on its payments, leading to its account being
…Indian Bank extended credit facilities to KND Engineering Technologies Limited (KND) for its business purposes. These credit facilities were secured by personal guarantees furnished by Mr. Navzer Kersi Dadina, who is one of the directors of KND. The personal guarantees were executed to ensure the repayment of loans and advances granted to KND, including interest, costs, and expenses. The credit facilities were enhanced or reduced over time at the request of KND and the guarantor, with personal guarantees executed on 12/07/2010, 28/03/2012, 29/03/2014, and 03/10/2016. KND defaulted on its payment obligations, leading to its account being declared a Non-Performing Asset (NPA) on 02/05/2018. An application under Section 9 of the IBC, 2016 was filed against KND, and the
…Mr. Navzer Kersi Dadina…
Mr. Navzer Kersi Dadina…