The petitions were filed by the financial creditor, M/s. JM Financial Asset Reconstruction Company Limited, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against several personal guarantors of the corporate debtor, M/s. Unitek Power Solutions India Limited, for initiating insolvency resolution processes.
M/s. Unitek Power Solutions India Limited, the Corporate Debtor, obtained credit facilities including Cash Credit, Bank Guarantee, and Term Loan (IPS) from Federal Bank Limited. As of May 31, 2021, the total default amount was Rs. 38,56,65,007.80. The Corporate Debtor failed to meet its debt obligations, leading to the account being classified as a Non-Performing Asset (NPA) in the bank's records, in accordance with RBI guidelines. The loans were secured by charges over properties belonging to various guarantors and co-obligors.
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The petitions were filed by the financial creditor, M/s. JM Financial Asset Reconstruction Company Limited, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against several personal guarantors of the corporate debtor, M/s. Unitek Power Solutions India Limited, for initiating insolvency resolution processes.
M/s. Unitek Power Solutions India Limited, the Corporate Debtor, obtained credit facilities including Cash Credit, Bank Guarantee, and Term Loan (IPS) from Federal Bank Limited. As of May 31, 2021, the total default amount was Rs. 38,56,65,007.80. The Corporate Debtor failed to meet its debt obligations, leading to the account being classified as a Non-Performing Asset (NPA) in the bank's records, in accordance with RBI guidelines. The loans were secured by charges over properties belonging to various guarantors and co-obligors.
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