The case pertains to an application filed by Mr. Amar Baldva under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Interim Resolution Process (IRP) as a personal guarantor to the corporate debtor, M/s Baldva Textiles Private Limited. The application is for an amount of Rs. 16,73,10,124/- related to credit facilities extended by Punjab National Bank. The Resolution Professional (RP) filed a report recommending the admission of the application, stating that the personal guarantor defaulted on debt repayment, the application concerns debts not excluded under Section 94(3), and the application complies with prescribed procedures.
Mr. Amar Baldva, acting as a personal guarantor for M/s Baldva Textiles Private Limited, defaulted on a credit facility of Rs. 16,73,10,124/- extended by Punjab National Bank. He filed an application under Section 94 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of the Interim Resolution Process (IRP). The Resolution Professional (RP) appointed by the Authority recommended the admission of the application, confirming that Mr. Baldva met the requirements under Section 94 of the IBC. Besides the debt to Punjab National Bank, Mr. Baldva also defaulted on payments to Anjana Kogta (Rs. 20,00,000), Hanuman Kumar (Rs. 5,00,000), Kamla Devi Kogta (Rs. 17,00,000), and Manju Porwal (Rs. 5,50,000), all unsecured loans. The RP's report indicated that the
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Mr. Vishnu Upadhyay was appointed as the…
The order was pronounced on 11.01.2023,…
The case pertains to an application filed by Mr. Amar Baldva under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Interim Resolution Process (IRP) as a personal guarantor to the corporate debtor, M/s Baldva Textiles Private Limited. The application is for an amount of Rs. 16,73,10,124/- related to credit facilities extended by Punjab National Bank. The Resolution Professional (RP) filed a report recommending the admission of the application, stating that the personal guarantor defaulted on debt repayment, the application concerns debts not excluded under Section 94(3), and the application complies with prescribed procedures.
Mr. Amar Baldva, acting as a personal guarantor for M/s Baldva Textiles Private Limited, defaulted on a credit facility of Rs. 16,73,10,124/- extended by Punjab National Bank. He filed an application under Section 94 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of the Interim Resolution Process (IRP). The Resolution Professional (RP) appointed by the Authority recommended the admission of the application, confirming that Mr. Baldva met the requirements under Section 94 of the IBC. Besides the debt to Punjab National Bank, Mr. Baldva also defaulted on payments to Anjana Kogta (Rs. 20,00,000), Hanuman Kumar (Rs. 5,00,000), Kamla Devi Kogta (Rs. 17,00,000), and Manju Porwal (Rs. 5,50,000), all unsecured loans. The RP's report indicated that the
…Mr. Vishnu Upadhyay was appointed as the…
The order was pronounced on 11.01.2023,…