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, and Regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, to initiate the Insolvency Resolution Process against the personal guarantor, Vinod Kumar Mittal, who is one of the directors of Gontermann-Pipers (India) Limited (GPIL). GPIL had availed credit facilities from UCO Bank, which were secured by personal guarantees from Pramod Kumar Mittal and Vinod Kumar Mittal. GPIL defaulted on its repayment
…UCO Bank, the Applicant, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Vinod Kumar Mittal, the Respondent, who is a personal guarantor to the Corporate Debtor, Gontermann-Pipers (India) Limited (GPIL). GPIL had availed credit facilities from UCO Bank, including working capital and term loan facilities, with a total exposure of Rs. 93.20 Crores. These facilities were secured by personal guarantees from Pramod Kumar Mittal and Vinod Kumar Mittal. GPIL defaulted on its repayment obligations, leading to its accounts being declared as Non-Performing Assets (NPA) on 30/09/2015. UCO Bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 19/09/2019. GPIL was admitted
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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, and Regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, to initiate the Insolvency Resolution Process against the personal guarantor, Vinod Kumar Mittal, who is one of the directors of Gontermann-Pipers (India) Limited (GPIL). GPIL had availed credit facilities from UCO Bank, which were secured by personal guarantees from Pramod Kumar Mittal and Vinod Kumar Mittal. GPIL defaulted on its repayment
…UCO Bank, the Applicant, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Vinod Kumar Mittal, the Respondent, who is a personal guarantor to the Corporate Debtor, Gontermann-Pipers (India) Limited (GPIL). GPIL had availed credit facilities from UCO Bank, including working capital and term loan facilities, with a total exposure of Rs. 93.20 Crores. These facilities were secured by personal guarantees from Pramod Kumar Mittal and Vinod Kumar Mittal. GPIL defaulted on its repayment obligations, leading to its accounts being declared as Non-Performing Assets (NPA) on 30/09/2015. UCO Bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 19/09/2019. GPIL was admitted
…GPIL was sanctioned a…
The Financial Creditor further sanctioned…