This is an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 by Axis Bank Limited, the creditor, against Prahalad Veljibhai Patel, the personal guarantor of Ambition Mica Limited. The personal guarantor executed a deed of guarantee on March 30, 2018, and the amount of default is Rs. 23,55,97,901/-. The applicant served a demand notice under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantor to Corporate Debtor) Rules, 2019 on April 18, 2023. The date of default mentioned in the application is June 17, 2022.
Axis Bank Limited filed an application under Section 95 of the IBC, 2016 against Prahalad Veljibhai Patel, the personal guarantor of Ambition Mica Limited. The guarantor executed a deed of guarantee on March 30, 2018. The amount of default is Rs. 23,55,97,901/-. A demand notice was issued to the guarantor on April 18, 2023, under Rule 7(1) of the relevant rules. The date of default is mentioned as June 17, 2022. The application has been admitted, and a Resolution Professional has been appointed to examine the application and submit a report.
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The Personal G…
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This is an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 by Axis Bank Limited, the creditor, against Prahalad Veljibhai Patel, the personal guarantor of Ambition Mica Limited. The personal guarantor executed a deed of guarantee on March 30, 2018, and the amount of default is Rs. 23,55,97,901/-. The applicant served a demand notice under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantor to Corporate Debtor) Rules, 2019 on April 18, 2023. The date of default mentioned in the application is June 17, 2022.
Axis Bank Limited filed an application under Section 95 of the IBC, 2016 against Prahalad Veljibhai Patel, the personal guarantor of Ambition Mica Limited. The guarantor executed a deed of guarantee on March 30, 2018. The amount of default is Rs. 23,55,97,901/-. A demand notice was issued to the guarantor on April 18, 2023, under Rule 7(1) of the relevant rules. The date of default is mentioned as June 17, 2022. The application has been admitted, and a Resolution Professional has been appointed to examine the application and submit a report.
The Personal G…
The date of d…