The Bank of Baroda filed an application to initiate the Insolvency Resolution Process against Mr. Ajay Singh Chauhan, the Personal Guarantor of Shri Shyam Madhav Polybags Limited ('Corporate Debtor'). The application was 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 Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The loan was sanctioned to the Corporate Debtor in 2015, reviewed with enhancement on 03.01.2017, and an ad hoc limit was granted on 20.11.2017. The debt was secured by a personal guarantee from Mr. Ajay Singh Chauhan. The loan account was classified as NPA on 22.05.2018.
Bank of Baroda ('Creditor'/ 'Applicant') filed an application to initiate Insolvency Resolution Process against Mr. Ajay Singh Chauhan ('Personal Guarantor'/ 'Respondent'). Mr. Chauhan provided a personal guarantee for loans availed by Shri Shyam Madhav Polybags Limited ('Corporate Debtor'). The loan was initially sanctioned in 2015 and reviewed on 03.01.2017. On 20.11.2017, an ad hoc limit was granted. The debt was secured by Mr. Chauhan's personal guarantee on 21.11.2017. The loan account was classified as NPA on 22.05.2018. SARFEASI Act proceedings were initiated on 28.06.2018. A notice for invocation of guarantee was given on 31.01.2023. Form B was issued to the Personal Guarantor on 09.06.2023. The total debt reflected is Rs. 12,95,66,915.60/- as on 07.06.2023.
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Loan was sanctioned to…
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The Bank of Baroda filed an application to initiate the Insolvency Resolution Process against Mr. Ajay Singh Chauhan, the Personal Guarantor of Shri Shyam Madhav Polybags Limited ('Corporate Debtor'). The application was 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 Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The loan was sanctioned to the Corporate Debtor in 2015, reviewed with enhancement on 03.01.2017, and an ad hoc limit was granted on 20.11.2017. The debt was secured by a personal guarantee from Mr. Ajay Singh Chauhan. The loan account was classified as NPA on 22.05.2018.
Bank of Baroda ('Creditor'/ 'Applicant') filed an application to initiate Insolvency Resolution Process against Mr. Ajay Singh Chauhan ('Personal Guarantor'/ 'Respondent'). Mr. Chauhan provided a personal guarantee for loans availed by Shri Shyam Madhav Polybags Limited ('Corporate Debtor'). The loan was initially sanctioned in 2015 and reviewed on 03.01.2017. On 20.11.2017, an ad hoc limit was granted. The debt was secured by Mr. Chauhan's personal guarantee on 21.11.2017. The loan account was classified as NPA on 22.05.2018. SARFEASI Act proceedings were initiated on 28.06.2018. A notice for invocation of guarantee was given on 31.01.2023. Form B was issued to the Personal Guarantor on 09.06.2023. The total debt reflected is Rs. 12,95,66,915.60/- as on 07.06.2023.
…Loan was sanctioned to…
Loan was revie…