The case involves an application filed by Union Bank of India (UK) Limited 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. Gaurav Jain. The applicant, Union Bank of India (UK) Limited, extended a USD denominated term loan to DCP India Private Limited, for which Mr. Gaurav Jain provided a personal guarantee. DCP defaulted on the loan repayment, leading to the application for initiating IRP against the personal guarantor.
Union Bank of India (UK) Limited (the Applicant) extended a USD denominated term loan to DCP India Private Limited. The loan amount was US$ 5,000,000. A Facility Agreement was executed on 2016-12-14 between the Applicant and DCP. Mr. Gaurav Jain, one of the directors of DCP, provided a personal guarantee on 2016-12-14 in favor of the Applicant to secure the repayment of the loan. DCP was obligated to repay the loan in 12 installments, with the first installment due in December 2017 and the last in March 2023. An addendum was executed on 2016-12-24, amending the repayment schedule. DCP and Mr. Gaurav Jain failed to repay the term loan as agreed. The Applicant issued a demand notice on 2020-03-31 under Rule 7(1) of the IB Rules, 2019, but received no response. The
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Facility Agreement executed between Union…
Mr. Gaurav Jain executed a personal…
The case involves an application filed by Union Bank of India (UK) Limited 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. Gaurav Jain. The applicant, Union Bank of India (UK) Limited, extended a USD denominated term loan to DCP India Private Limited, for which Mr. Gaurav Jain provided a personal guarantee. DCP defaulted on the loan repayment, leading to the application for initiating IRP against the personal guarantor.
Union Bank of India (UK) Limited (the Applicant) extended a USD denominated term loan to DCP India Private Limited. The loan amount was US$ 5,000,000. A Facility Agreement was executed on 2016-12-14 between the Applicant and DCP. Mr. Gaurav Jain, one of the directors of DCP, provided a personal guarantee on 2016-12-14 in favor of the Applicant to secure the repayment of the loan. DCP was obligated to repay the loan in 12 installments, with the first installment due in December 2017 and the last in March 2023. An addendum was executed on 2016-12-24, amending the repayment schedule. DCP and Mr. Gaurav Jain failed to repay the term loan as agreed. The Applicant issued a demand notice on 2020-03-31 under Rule 7(1) of the IB Rules, 2019, but received no response. The
…Facility Agreement executed between Union…
Mr. Gaurav Jain executed a personal…