The case involves an application filed by Volkswagen Finance Private Limited (the Creditor) 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 against Smt. Pavan Kapoor, the Personal Guarantor/Debtor, for a debt owed by Sterling Vehicle and General Sales Private Limited (Corporate Debtor). The creditor had disbursed loans to the corporate debtor, and the personal guarantor had provided a guarantee for the repayment of these loans. The corporate debtor underwent Corporate Insolvency Resolution Process (CIRP) and was subsequently liquidated.
Volkswagen Finance Private Limited, a non-banking financial company, filed an application under Section 95(1) of the IBC, 2016, against Smt. Pavan Kapoor, a personal guarantor, for initiating the Insolvency Resolution Process. The creditor had extended credit facilities to Sterling Vehicle and General Sales Private Limited (Corporate Debtor), with Smt. Pavan Kapoor acting as the guarantor. The creditor disbursed Rs. 16,60,40,593.08 to the Corporate Debtor under various facility agreements. The Corporate Debtor defaulted on payments, with the amount of default being Rs. 26,51,02,154.61 as of 31.05.2019 & 15.07.2020. The Corporate Insolvency Resolution Process (CIRP) had been initiated against the Corporate Debtor on 26.02.2019, and the Corporate Debtor was
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Applicant/Creditor issued a sanction letter with…
Corporate Insolvency Resolution Process was…
The case involves an application filed by Volkswagen Finance Private Limited (the Creditor) 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 against Smt. Pavan Kapoor, the Personal Guarantor/Debtor, for a debt owed by Sterling Vehicle and General Sales Private Limited (Corporate Debtor). The creditor had disbursed loans to the corporate debtor, and the personal guarantor had provided a guarantee for the repayment of these loans. The corporate debtor underwent Corporate Insolvency Resolution Process (CIRP) and was subsequently liquidated.
Volkswagen Finance Private Limited, a non-banking financial company, filed an application under Section 95(1) of the IBC, 2016, against Smt. Pavan Kapoor, a personal guarantor, for initiating the Insolvency Resolution Process. The creditor had extended credit facilities to Sterling Vehicle and General Sales Private Limited (Corporate Debtor), with Smt. Pavan Kapoor acting as the guarantor. The creditor disbursed Rs. 16,60,40,593.08 to the Corporate Debtor under various facility agreements. The Corporate Debtor defaulted on payments, with the amount of default being Rs. 26,51,02,154.61 as of 31.05.2019 & 15.07.2020. The Corporate Insolvency Resolution Process (CIRP) had been initiated against the Corporate Debtor on 26.02.2019, and the Corporate Debtor was
…Applicant/Creditor issued a sanction letter with…
Corporate Insolvency Resolution Process was…