The case involves an application filed by Mr. Manmohan Singh Gulati, the Applicant/Debtor, under Section 94(1) r/w sections 96, 97, 99 & 100 of the Insolvency and Bankruptcy Code, 2016, and Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. The application seeks to initiate the Insolvency Resolution Process against Mr. Gulati, who is the personal guarantor for Punjab and Sind Bank and ICICI Bank, due to a default of Rs. 329.08 Lakhs related to credit facilities extended to Gulati Retail India Ltd. The credit facilities were sanctioned by ICICI Bank since 2006-07 and Punjab and Sind Bank since 2011-12. Gulati Retail India Ltd. faced financial difficulties, leading to its
…Mr. Manmohan Singh Gulati filed an application under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Insolvency Resolution Process (IRP) against himself. He is the personal guarantor for credit facilities extended by ICICI Bank and Punjab and Sind Bank to Gulati Retail India Limited. The total default amount is Rs. 329.08 Lakhs. ICICI Bank sanctioned credit facilities since 2006-07, and Punjab and Sind Bank since 2011-12. Gulati Retail India Limited's loan accounts were classified as Non-Performing Assets (NPA) on 30.09.2013 by Punjab and Sind Bank. Gulati Retail India Limited had previously filed an application under Section 10 of IBC in 2019, which was admitted on 30.07.2019, and the company was sent to liquidation on
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ICICI Bank sanctioned credit facilities to…
Punjab and Sind Bank sanctioned credit…
The case involves an application filed by Mr. Manmohan Singh Gulati, the Applicant/Debtor, under Section 94(1) r/w sections 96, 97, 99 & 100 of the Insolvency and Bankruptcy Code, 2016, and Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. The application seeks to initiate the Insolvency Resolution Process against Mr. Gulati, who is the personal guarantor for Punjab and Sind Bank and ICICI Bank, due to a default of Rs. 329.08 Lakhs related to credit facilities extended to Gulati Retail India Ltd. The credit facilities were sanctioned by ICICI Bank since 2006-07 and Punjab and Sind Bank since 2011-12. Gulati Retail India Ltd. faced financial difficulties, leading to its
…Mr. Manmohan Singh Gulati filed an application under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Insolvency Resolution Process (IRP) against himself. He is the personal guarantor for credit facilities extended by ICICI Bank and Punjab and Sind Bank to Gulati Retail India Limited. The total default amount is Rs. 329.08 Lakhs. ICICI Bank sanctioned credit facilities since 2006-07, and Punjab and Sind Bank since 2011-12. Gulati Retail India Limited's loan accounts were classified as Non-Performing Assets (NPA) on 30.09.2013 by Punjab and Sind Bank. Gulati Retail India Limited had previously filed an application under Section 10 of IBC in 2019, which was admitted on 30.07.2019, and the company was sent to liquidation on
…ICICI Bank sanctioned credit facilities to…
Punjab and Sind Bank sanctioned credit…