The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Bank of Maharashtra, the Financial Creditor/Petitioner, against Mr. Abhay Kumar Singh, the Personal Guarantor/Respondent.
Bank of Maharashtra filed an application under Section 95 of IBC, 2016 against Mr. Abhay Kumar Singh, a personal guarantor.
Mr. Abhay Kumar Singh is the personal guarantor for the loans availed by M/s Hetauda Industries Pvt. Ltd.
M/s Hetauda Industries Pvt Ltd availed financial facility and term loan from Bank of Maharashtra of INR 4.75 Crores since March of 2015.
The Corporate Debtor defaulted in repayment, leading to the account being declared as NPA on 20.12.2017.
The amount of default is Rs. 5,79,48,461/-.
The Adjudicating Authority appointed Mr. Mangesh Vitthal Kekre as the Resolution Professional.
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M/s Hetauda Industries Pvt Ltd availed…
A guarantee agreement was executed by Mr. Abhay…
The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Bank of Maharashtra, the Financial Creditor/Petitioner, against Mr. Abhay Kumar Singh, the Personal Guarantor/Respondent.
Bank of Maharashtra filed an application under Section 95 of IBC, 2016 against Mr. Abhay Kumar Singh, a personal guarantor.
Mr. Abhay Kumar Singh is the personal guarantor for the loans availed by M/s Hetauda Industries Pvt. Ltd.
M/s Hetauda Industries Pvt Ltd availed financial facility and term loan from Bank of Maharashtra of INR 4.75 Crores since March of 2015.
The Corporate Debtor defaulted in repayment, leading to the account being declared as NPA on 20.12.2017.
The amount of default is Rs. 5,79,48,461/-.
The Adjudicating Authority appointed Mr. Mangesh Vitthal Kekre as the Resolution Professional.
M/s Hetauda Industries Pvt Ltd availed…
A guarantee agreement was executed by Mr. Abhay…