PNB Housing Finance Ltd. filed an application under Section 95(1) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Mohit Arora, the Personal Guarantor/Debtor and Managing Director of Supertech Ltd., the Corporate Debtor. The application stems from a Loan Agreement dated 10.03.2017 between PNB Housing Finance Ltd. and Supertech Ltd., along with co-borrowers Sarv Realtors Private Limited and ASP Sarin Realty Private Limited. An irrevocable Deed of Guarantee dated 10.03.2017 was executed by Mr. Arora in favor of PNB Housing Finance Ltd. to secure the loan amount.
PNB Housing Finance Ltd. (the Financial Creditor) extended a loan to Supertech Ltd. (the Corporate Debtor), with Mr. Mohit Arora (the Personal Guarantor) providing a guarantee for the loan. A Loan Agreement was executed on 10.03.2017. The Corporate Debtor defaulted on payments, leading the Financial Creditor to recall the loan facility and declare the account a Non-Performing Asset on 31.07.2019. The Financial Creditor invoked the personal guarantee and issued a Demand Notice on 09.07.2021, seeking payment of Rs. 3,58,91,09,333.74/-. Multiple IBC proceedings are pending against the Corporate Debtor. The Personal Guarantor argued that the application was not maintainable under Section 95 read with Section 60(1) & (2) of the Code, as CIRP had not been initiated
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Loan Agreement executed…
Irrevocable Deed of Guarantee executed by Mr.…
PNB Housing Finance Ltd. filed an application under Section 95(1) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Mohit Arora, the Personal Guarantor/Debtor and Managing Director of Supertech Ltd., the Corporate Debtor. The application stems from a Loan Agreement dated 10.03.2017 between PNB Housing Finance Ltd. and Supertech Ltd., along with co-borrowers Sarv Realtors Private Limited and ASP Sarin Realty Private Limited. An irrevocable Deed of Guarantee dated 10.03.2017 was executed by Mr. Arora in favor of PNB Housing Finance Ltd. to secure the loan amount.
PNB Housing Finance Ltd. (the Financial Creditor) extended a loan to Supertech Ltd. (the Corporate Debtor), with Mr. Mohit Arora (the Personal Guarantor) providing a guarantee for the loan. A Loan Agreement was executed on 10.03.2017. The Corporate Debtor defaulted on payments, leading the Financial Creditor to recall the loan facility and declare the account a Non-Performing Asset on 31.07.2019. The Financial Creditor invoked the personal guarantee and issued a Demand Notice on 09.07.2021, seeking payment of Rs. 3,58,91,09,333.74/-. Multiple IBC proceedings are pending against the Corporate Debtor. The Personal Guarantor argued that the application was not maintainable under Section 95 read with Section 60(1) & (2) of the Code, as CIRP had not been initiated
…Loan Agreement executed…
Irrevocable Deed of Guarantee executed by Mr.…