The Financial Creditor filed an application under Section 95 of the IBC, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, to initiate a Personal Insolvency Resolution Process against the personal guarantor for a default amount of Rs. 13,55,61,322.44/-.
Small Industries Development Bank of India (Financial Creditor) sanctioned credit facilities of Rs. 440 Lakhs to Bagree Alloys Limited (Corporate Debtor). Krishnakant Bagree, the respondent, executed Personal Guarantee Deeds on December 22, 2008, November 3, 2009, and June 22, 2010, guaranteeing the debt. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to classify the loan account as a Non-Performing Asset (NPA) on June 8, 2013.
…The Financial Creditor classified the Corporate…
The Financial Creditor issued a notice under…
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The Financial Creditor filed an application under Section 95 of the IBC, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, to initiate a Personal Insolvency Resolution Process against the personal guarantor for a default amount of Rs. 13,55,61,322.44/-.
Small Industries Development Bank of India (Financial Creditor) sanctioned credit facilities of Rs. 440 Lakhs to Bagree Alloys Limited (Corporate Debtor). Krishnakant Bagree, the respondent, executed Personal Guarantee Deeds on December 22, 2008, November 3, 2009, and June 22, 2010, guaranteeing the debt. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to classify the loan account as a Non-Performing Asset (NPA) on June 8, 2013.
…The Financial Creditor classified the Corporate…
The Financial Creditor issued a notice under…
Sign in to view related legal provisions.