UCO Bank filed an application 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, and Regulation 4(2) of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, to initiate the Insolvency Resolution Process against Pramod Kumar Mittal, a personal guarantor and director of Gontermann-Pipers (India) Limited (GPIL). GPIL had credit facilities with UCO Bank, which were enhanced over time, reaching a total exposure of Rs. 93.20 Crores. GPIL defaulted on its repayment obligations, leading to a restructuring package in 2013. As part
…UCO Bank extended credit facilities to Gontermann-Pipers (India) Limited (GPIL), with Pramod Kumar Mittal being one of the directors. The credit facilities were enhanced over time, reaching a total exposure of Rs. 93.20 Crores. GPIL defaulted on its repayment obligations, leading to a restructuring package in 2013. As part of the restructuring, Pramod Kumar Mittal provided a personal guarantee through a Deed of Personal Guarantee dated 28/05/2013. GPIL continued to default, and the account was declared a Non-Performing Asset (NPA) on 30/09/2015. UCO Bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, but the defaults persisted. GPIL was admitted into CIRP on 11/12/2019. UCO Bank, as the applicant, issued a demand notice in Form B on 22/07/2020
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GPIL was enjoying credit facilities with the…
The Financial Creditor further sanctioned…
UCO Bank filed an application 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, and Regulation 4(2) of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, to initiate the Insolvency Resolution Process against Pramod Kumar Mittal, a personal guarantor and director of Gontermann-Pipers (India) Limited (GPIL). GPIL had credit facilities with UCO Bank, which were enhanced over time, reaching a total exposure of Rs. 93.20 Crores. GPIL defaulted on its repayment obligations, leading to a restructuring package in 2013. As part
…UCO Bank extended credit facilities to Gontermann-Pipers (India) Limited (GPIL), with Pramod Kumar Mittal being one of the directors. The credit facilities were enhanced over time, reaching a total exposure of Rs. 93.20 Crores. GPIL defaulted on its repayment obligations, leading to a restructuring package in 2013. As part of the restructuring, Pramod Kumar Mittal provided a personal guarantee through a Deed of Personal Guarantee dated 28/05/2013. GPIL continued to default, and the account was declared a Non-Performing Asset (NPA) on 30/09/2015. UCO Bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, but the defaults persisted. GPIL was admitted into CIRP on 11/12/2019. UCO Bank, as the applicant, issued a demand notice in Form B on 22/07/2020
…GPIL was enjoying credit facilities with the…
The Financial Creditor further sanctioned…