Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Adarsh Pal Singh, the Personal Guarantor, concerning debt disbursed to M/s. Upal Buildtech Pvt. Ltd., the Corporate Debtor. The application was filed on 2022-03-11.
Bank of Baroda sanctioned a term loan of Rs 7,45,00,000 to UPAL Buildtech Private Limited on 2017-04-10, with Mr. Adarsh Pal Singh acting as the Personal Guarantor. The Corporate Debtor filed Form CHG-1 for the registration of charge with the Registrar of Companies, Kanpur. Subsequently, another term loan of Rs 2,50,00,000 was sanctioned on 2017-07-12, bringing the total loan facility to Rs 9,95,00,000. The Corporate Debtor defaulted on payments, leading to the account being classified as NPA on 2021-03-31. The bank issued notices under Section 13(2) of the SARFAESI Act on 2021-04-05 and a possession notice under Section 13(4) on 2021-09-03. As of 2021-11-26, the total debt payable by the Personal Guarantor was Rs 9,82,88,255.17, including principal and interest. A
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Bank of Baroda…
Bank of Baroda sanctioned another term loan of…
Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Adarsh Pal Singh, the Personal Guarantor, concerning debt disbursed to M/s. Upal Buildtech Pvt. Ltd., the Corporate Debtor. The application was filed on 2022-03-11.
Bank of Baroda sanctioned a term loan of Rs 7,45,00,000 to UPAL Buildtech Private Limited on 2017-04-10, with Mr. Adarsh Pal Singh acting as the Personal Guarantor. The Corporate Debtor filed Form CHG-1 for the registration of charge with the Registrar of Companies, Kanpur. Subsequently, another term loan of Rs 2,50,00,000 was sanctioned on 2017-07-12, bringing the total loan facility to Rs 9,95,00,000. The Corporate Debtor defaulted on payments, leading to the account being classified as NPA on 2021-03-31. The bank issued notices under Section 13(2) of the SARFAESI Act on 2021-04-05 and a possession notice under Section 13(4) on 2021-09-03. As of 2021-11-26, the total debt payable by the Personal Guarantor was Rs 9,82,88,255.17, including principal and interest. A
…Bank of Baroda…
Bank of Baroda sanctioned another term loan of…