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. Sarwan Kumar Kejriwal, a personal guarantor to Swati Mining Private Limited (Corporate Debtor). UCO Bank had granted credit facilities to Swati International (predecessor of Swati Mining) in 2004, which were later taken over by Swati Mining in 2008. The Corporate Debtor defaulted on payments, leading to the account being declared a Non-Performing Asset on 30/06/2019. The Corporate Debtor was admitted into CIRP on
…UCO Bank extended credit facilities to Swati International, a partnership firm, in 2004. These facilities were later taken over by Swati Mining Private Limited (Corporate Debtor) in 2008. Mr. Sarwan Kumar Kejriwal, along with others, provided personal guarantees for these credit facilities. The Corporate Debtor defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset on June 30, 2019. Consequently, the Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on July 8, 2019. The outstanding amount due from the Corporate Debtor was Rs. 6,89,92,729.09 as of July 8, 2019. UCO Bank, as the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to
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UCO Bank granted credit facilities to Swati…
The Bank sanctioned an…
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. Sarwan Kumar Kejriwal, a personal guarantor to Swati Mining Private Limited (Corporate Debtor). UCO Bank had granted credit facilities to Swati International (predecessor of Swati Mining) in 2004, which were later taken over by Swati Mining in 2008. The Corporate Debtor defaulted on payments, leading to the account being declared a Non-Performing Asset on 30/06/2019. The Corporate Debtor was admitted into CIRP on
…UCO Bank extended credit facilities to Swati International, a partnership firm, in 2004. These facilities were later taken over by Swati Mining Private Limited (Corporate Debtor) in 2008. Mr. Sarwan Kumar Kejriwal, along with others, provided personal guarantees for these credit facilities. The Corporate Debtor defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset on June 30, 2019. Consequently, the Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on July 8, 2019. The outstanding amount due from the Corporate Debtor was Rs. 6,89,92,729.09 as of July 8, 2019. UCO Bank, as the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to
…UCO Bank granted credit facilities to Swati…
The Bank sanctioned an…