Union Bank of India (UK) Limited, the applicant, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the IB (Application to Adjudicating Authority for IRP for Personal Guarantors to CD) Rules, 2019, to initiate the Insolvency Resolution Process (IRP) against the personal guarantor, Mr. Ajit Jain, who is a director in DCP India Private Limited. DCP had approached the applicant for a USD term loan to expand its processing unit in Sonipat, Haryana. A Facility Agreement was executed on 14.12.2016, extending a USD denominated term loan of US$ 5,000,000 to DCP. DCP was obligated to repay the loan in 12 installments, with the first due in December 2017 and the last in March 2023. An addendum was executed on
…Union Bank of India (UK) Limited (the Applicant) is a banking company incorporated in the United Kingdom. DCP India Private Limited (DCP) approached the Applicant for a USD term loan to expand its processing unit in Sonipat, Haryana. DCP represented that it would use the financial facility to purchase a high-speed rice fortification machine. A supply agreement was executed between DCP and Smart Dragon PTE on 24.10.2016. Based on DCP's representations, the Applicant and DCP executed a Facility Agreement on 14.12.2016, extending a USD denominated term loan of US$ 5,000,000 to DCP. DCP was obligated to repay the loan in 12 installments, with the first due in December 2017 and the last in March 2023. An addendum was executed on 24.12.2016, amending the repayment schedule
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DCP and Smart Dragon…
Union Bank of India (UK) Limited and DCP…
Union Bank of India (UK) Limited, the applicant, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the IB (Application to Adjudicating Authority for IRP for Personal Guarantors to CD) Rules, 2019, to initiate the Insolvency Resolution Process (IRP) against the personal guarantor, Mr. Ajit Jain, who is a director in DCP India Private Limited. DCP had approached the applicant for a USD term loan to expand its processing unit in Sonipat, Haryana. A Facility Agreement was executed on 14.12.2016, extending a USD denominated term loan of US$ 5,000,000 to DCP. DCP was obligated to repay the loan in 12 installments, with the first due in December 2017 and the last in March 2023. An addendum was executed on
…Union Bank of India (UK) Limited (the Applicant) is a banking company incorporated in the United Kingdom. DCP India Private Limited (DCP) approached the Applicant for a USD term loan to expand its processing unit in Sonipat, Haryana. DCP represented that it would use the financial facility to purchase a high-speed rice fortification machine. A supply agreement was executed between DCP and Smart Dragon PTE on 24.10.2016. Based on DCP's representations, the Applicant and DCP executed a Facility Agreement on 14.12.2016, extending a USD denominated term loan of US$ 5,000,000 to DCP. DCP was obligated to repay the loan in 12 installments, with the first due in December 2017 and the last in March 2023. An addendum was executed on 24.12.2016, amending the repayment schedule
…DCP and Smart Dragon…
Union Bank of India (UK) Limited and DCP…