The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) r/w 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 IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 for initiating the Insolvency Resolution Process against Mr. Pessi Nanabhoy Dadina, a personal guarantor to KND Engineering Technologies Limited. The applicant, Indian Bank, is a banking company that extended credit facilities to KND, which were secured by personal guarantees from Mr. Dadina. KND defaulted on its payments, leading to its account being declared a
…Indian Bank extended credit facilities to KND Engineering Technologies Limited (KND). Mr. Pessi Nanabhoy Dadina, a director of KND, provided personal guarantees to secure these credit facilities. KND defaulted on its payments, and its account was declared a Non-Performing Asset on 2018-05-02. A Corporate Insolvency Resolution Process (CIRP) was initiated against KND, and a resolution plan was approved. Indian Bank, as the Financial Creditor, served a demand notice in Form B on Mr. Dadina on 2020-10-13 under rule 7(1) of the IB Rules, 2019, seeking repayment of the guaranteed amount, but received no response. Indian Bank then filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr.
…Sign in to view the parties.
Respondent ex…
Respondent ex…
The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) r/w 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 IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 for initiating the Insolvency Resolution Process against Mr. Pessi Nanabhoy Dadina, a personal guarantor to KND Engineering Technologies Limited. The applicant, Indian Bank, is a banking company that extended credit facilities to KND, which were secured by personal guarantees from Mr. Dadina. KND defaulted on its payments, leading to its account being declared a
…Indian Bank extended credit facilities to KND Engineering Technologies Limited (KND). Mr. Pessi Nanabhoy Dadina, a director of KND, provided personal guarantees to secure these credit facilities. KND defaulted on its payments, and its account was declared a Non-Performing Asset on 2018-05-02. A Corporate Insolvency Resolution Process (CIRP) was initiated against KND, and a resolution plan was approved. Indian Bank, as the Financial Creditor, served a demand notice in Form B on Mr. Dadina on 2020-10-13 under rule 7(1) of the IB Rules, 2019, seeking repayment of the guaranteed amount, but received no response. Indian Bank then filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr.
…Respondent ex…
Respondent ex…