The National Company Law Tribunal (NCLT), Kochi Bench, Kerala, heard a batch of petitions (CP(IBC)/13/KOB/2021 to CP(IBC)/19/KOB/2021) filed 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. These petitions were filed by JM Financial Asset Reconstruction Company Limited against various personal guarantors of the corporate debtor, M/s. Unitek Power Solutions India Limited, seeking to initiate the Insolvency Resolution Process. The corporate debtor had availed credit facilities from the Federal Bank Limited and defaulted on its obligations, leading to its account being
…M/s. JM Financial Asset Reconstruction Company Limited filed petitions under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against several personal guarantors (Mrs. Reena Paul, Mrs. Susan Zachariah, Mr. John Zachariah, Mrs. Annu Mathew, Mr. Mathew John, Mr. Korah John, and Mr. K.G. Paul) of the Corporate Debtor, M/s. Unitek Power Solutions India Limited. The Corporate Debtor had availed credit facilities (Cash Credit, Bank Guarantee, Term Loan) from the Federal Bank Limited, resulting in a default of Rs. 38,56,65,007.80 as of 31.05.2021. The account was classified as a non-performing asset (NPA) according to Reserve Bank of India guidelines. The loans were secured by a charge over properties belonging to the guarantors. The guarantors had undertaken to
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Financial assets of…
Tribunal allowed…
The National Company Law Tribunal (NCLT), Kochi Bench, Kerala, heard a batch of petitions (CP(IBC)/13/KOB/2021 to CP(IBC)/19/KOB/2021) filed 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. These petitions were filed by JM Financial Asset Reconstruction Company Limited against various personal guarantors of the corporate debtor, M/s. Unitek Power Solutions India Limited, seeking to initiate the Insolvency Resolution Process. The corporate debtor had availed credit facilities from the Federal Bank Limited and defaulted on its obligations, leading to its account being
…M/s. JM Financial Asset Reconstruction Company Limited filed petitions under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against several personal guarantors (Mrs. Reena Paul, Mrs. Susan Zachariah, Mr. John Zachariah, Mrs. Annu Mathew, Mr. Mathew John, Mr. Korah John, and Mr. K.G. Paul) of the Corporate Debtor, M/s. Unitek Power Solutions India Limited. The Corporate Debtor had availed credit facilities (Cash Credit, Bank Guarantee, Term Loan) from the Federal Bank Limited, resulting in a default of Rs. 38,56,65,007.80 as of 31.05.2021. The account was classified as a non-performing asset (NPA) according to Reserve Bank of India guidelines. The loans were secured by a charge over properties belonging to the guarantors. The guarantors had undertaken to
…Financial assets of…
Tribunal allowed…