The present case involves multiple petitions filed by M/s. JM Financial Asset Reconstruction Company Limited (Petitioner/Creditor) against several personal guarantors of the corporate debtor, M/s. Unitek Power Solutions India Limited. The corporate debtor had availed various credit facilities from Federal Bank Limited, including Cash Credit, Bank Guarantee, and Term Loan (IPS). A significant default amount of Rs. 38,56,65,007.80/- was outstanding as of May 31, 2021, leading to the classification of the account as a Non-Performing Asset (NPA) by the bank.
…M/s. Unitek Power Solutions India Limited, the corporate debtor, obtained various credit facilities from Federal Bank Limited, including Cash Credit, Bank Guarantee, and Term Loan (IPS). The total amount of default stood at Rs. 38,56,65,007.80/- as of May 31, 2021. Due to the corporate debtor's failure to meet its debt obligations, the account was classified as a non-performing asset (NPA) in the bank's books, adhering to the Reserve Bank of India's guidelines.
…Financial assets of the Corporate Debtor were…
NCLT, Chennai, allowed the application under…
The present case involves multiple petitions filed by M/s. JM Financial Asset Reconstruction Company Limited (Petitioner/Creditor) against several personal guarantors of the corporate debtor, M/s. Unitek Power Solutions India Limited. The corporate debtor had availed various credit facilities from Federal Bank Limited, including Cash Credit, Bank Guarantee, and Term Loan (IPS). A significant default amount of Rs. 38,56,65,007.80/- was outstanding as of May 31, 2021, leading to the classification of the account as a Non-Performing Asset (NPA) by the bank.
…M/s. Unitek Power Solutions India Limited, the corporate debtor, obtained various credit facilities from Federal Bank Limited, including Cash Credit, Bank Guarantee, and Term Loan (IPS). The total amount of default stood at Rs. 38,56,65,007.80/- as of May 31, 2021. Due to the corporate debtor's failure to meet its debt obligations, the account was classified as a non-performing asset (NPA) in the bank's books, adhering to the Reserve Bank of India's guidelines.
…Financial assets of the Corporate Debtor were…
NCLT, Chennai, allowed the application under…