The case pertains to an application filed by Ajit Singh Kochar, a personal guarantor, under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against himself. Kochar is the personal guarantor to M/s. Kochar Overseas Private Limited, the corporate debtor, which availed a loan of Rs. 43 crores from Punjab National Bank. The corporate debtor defaulted on the loan, leading Punjab National Bank to invoke the personal guarantee extended by Kochar. An earlier Corporate Insolvency Resolution Process (CIRP) was initiated against Kochar Overseas Private Limited, and the company is currently under liquidation. The Resolution Professional (RP) was appointed to examine the application and submit a report.
Ajit Singh Kochar is the personal guarantor for a loan of Rs. 43 crores availed by M/s. Kochar Overseas Private Limited (Corporate Debtor) from Punjab National Bank. The Corporate Debtor defaulted on the loan, leading to its account being declared a Non-Performing Asset (NPA) on 13.11.2015. Punjab National Bank invoked the personal guarantee of Ajit Singh Kochar, demanding payment of Rs. 40,07,46,685.86 along with further interest from 30.09.2015. The Corporate Debtor is currently under liquidation following the acceptance of a CIRP application on 25.11.2017. Ajit Singh Kochar filed an application under Section 94 of the IBC, 2016, seeking initiation of the Insolvency Resolution Process against himself. The Resolution Professional (RP) was appointed and directed to
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The account of Kochar Overseas Private Limited…
Punjab National Bank issued a recall notice…
The case pertains to an application filed by Ajit Singh Kochar, a personal guarantor, under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against himself. Kochar is the personal guarantor to M/s. Kochar Overseas Private Limited, the corporate debtor, which availed a loan of Rs. 43 crores from Punjab National Bank. The corporate debtor defaulted on the loan, leading Punjab National Bank to invoke the personal guarantee extended by Kochar. An earlier Corporate Insolvency Resolution Process (CIRP) was initiated against Kochar Overseas Private Limited, and the company is currently under liquidation. The Resolution Professional (RP) was appointed to examine the application and submit a report.
Ajit Singh Kochar is the personal guarantor for a loan of Rs. 43 crores availed by M/s. Kochar Overseas Private Limited (Corporate Debtor) from Punjab National Bank. The Corporate Debtor defaulted on the loan, leading to its account being declared a Non-Performing Asset (NPA) on 13.11.2015. Punjab National Bank invoked the personal guarantee of Ajit Singh Kochar, demanding payment of Rs. 40,07,46,685.86 along with further interest from 30.09.2015. The Corporate Debtor is currently under liquidation following the acceptance of a CIRP application on 25.11.2017. Ajit Singh Kochar filed an application under Section 94 of the IBC, 2016, seeking initiation of the Insolvency Resolution Process against himself. The Resolution Professional (RP) was appointed and directed to
…The account of Kochar Overseas Private Limited…
Punjab National Bank issued a recall notice…