The case involves an application filed by Bank of Baroda under Section 95(1) 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Ashoke Kumar Kharkia, the personal guarantor of Kharkia Steels Private Limited (KSPL). KSPL had availed credit facilities from Bank of Baroda, and Mr. Kharkia had provided personal guarantees for these facilities. KSPL defaulted on repayments, leading to its classification as a non-performing asset (NPA).
Kharkia Steels Private Limited (KSPL) availed various credit facilities from Bank of Baroda, sanctioned and renewed over time. Mr. Ashoke Kumar Kharkia provided personal guarantees for these facilities. KSPL defaulted on the repayment of the credit facilities, leading to its accounts being classified as a non-performing asset (NPA) on 2013-08-31. Bank of Baroda issued a letter demanding outstanding dues of Rs. 14,50,89,908.33 to Mr. Kharkia on 2014-05-16 and a statutory demand notice on 2014-08-14. Bank of Baroda, along with other consortium banks, filed an Original Application (OA No. 682 of 2014) before the Debts Recovery Tribunal II, Kolkata, for the recovery of outstanding dues. CIRP was initiated against KSPL, and a resolution plan was approved on 2020-09-21. Mr.
…Sign in to view the parties.
KSPL availed various…
Credit facilities…
The case involves an application filed by Bank of Baroda under Section 95(1) 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Ashoke Kumar Kharkia, the personal guarantor of Kharkia Steels Private Limited (KSPL). KSPL had availed credit facilities from Bank of Baroda, and Mr. Kharkia had provided personal guarantees for these facilities. KSPL defaulted on repayments, leading to its classification as a non-performing asset (NPA).
Kharkia Steels Private Limited (KSPL) availed various credit facilities from Bank of Baroda, sanctioned and renewed over time. Mr. Ashoke Kumar Kharkia provided personal guarantees for these facilities. KSPL defaulted on the repayment of the credit facilities, leading to its accounts being classified as a non-performing asset (NPA) on 2013-08-31. Bank of Baroda issued a letter demanding outstanding dues of Rs. 14,50,89,908.33 to Mr. Kharkia on 2014-05-16 and a statutory demand notice on 2014-08-14. Bank of Baroda, along with other consortium banks, filed an Original Application (OA No. 682 of 2014) before the Debts Recovery Tribunal II, Kolkata, for the recovery of outstanding dues. CIRP was initiated against KSPL, and a resolution plan was approved on 2020-09-21. Mr.
…KSPL availed various…
Credit facilities…