The case involves an application filed by UCO Bank 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Amit Kumar Kejriwal, a personal guarantor to Swati Mining Private Limited (Corporate Debtor). UCO Bank had granted credit facilities to Swati International (later taken over by Swati Mining Private Limited) since 2004. The Corporate Debtor defaulted on payments, leading to the account being declared a Non-Performing Asset. Mr. Kejriwal had provided a personal guarantee to secure the repayment of the loan.
UCO Bank extended credit facilities to Swati International, a partnership firm, starting in 2004. Later, Swati Mining Private Limited (Corporate Debtor) took over the assets and liabilities of Swati International in 2008. Amit Kumar Kejriwal, along with others, provided personal guarantees for these credit facilities. The credit facilities included Export Packing Credit (EPC) and cash credit limits, which were revised and enhanced over time. The Corporate Debtor defaulted on the repayment of these facilities. The account was declared a Non-Performing Asset (NPA) on 2019-06-30. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-07-08. The outstanding amount as of 2019-07-08 was Rs. 6,89,92,729.09. UCO Bank, as the Financial
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UCO Bank grante…
UCO Bank granted Export…
The case involves an application filed by UCO Bank 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Amit Kumar Kejriwal, a personal guarantor to Swati Mining Private Limited (Corporate Debtor). UCO Bank had granted credit facilities to Swati International (later taken over by Swati Mining Private Limited) since 2004. The Corporate Debtor defaulted on payments, leading to the account being declared a Non-Performing Asset. Mr. Kejriwal had provided a personal guarantee to secure the repayment of the loan.
UCO Bank extended credit facilities to Swati International, a partnership firm, starting in 2004. Later, Swati Mining Private Limited (Corporate Debtor) took over the assets and liabilities of Swati International in 2008. Amit Kumar Kejriwal, along with others, provided personal guarantees for these credit facilities. The credit facilities included Export Packing Credit (EPC) and cash credit limits, which were revised and enhanced over time. The Corporate Debtor defaulted on the repayment of these facilities. The account was declared a Non-Performing Asset (NPA) on 2019-06-30. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-07-08. The outstanding amount as of 2019-07-08 was Rs. 6,89,92,729.09. UCO Bank, as the Financial
…UCO Bank grante…
UCO Bank granted Export…