The case pertains to 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, seeking to initiate the Insolvency Resolution Process against Mr. Avinash Chandra Gupta, the personal guarantor for Shri Badrinarain Alloys and Steels Limited (SBASL). SBASL had approached the applicant for credit facilities, which were extended from time to time. A deed of guarantee was executed by the respondent, Avinash Chandra Gupta, for the repayment of loans granted to SBASL. SBASL defaulted on the repayment, leading to the loan accounts being classified as
…Bank of Baroda extended credit facilities to Shri Badrinarain Alloys and Steels Limited (SBASL). Mr. Avinash Chandra Gupta provided personal guarantees for the credit facilities. SBASL defaulted on repayments, leading to the loan accounts being classified as Non-Performing Assets (NPA) on 15/08/2016, with effect from 01/05/2013 (cutoff date of CDR restructure). Bank of Baroda filed an original application (O.A. No. 41 of 2019) against SBASL and the guarantors before the Debts Recovery Tribunal-I, Kolkata. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 09/10/2019. SBASL was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT, Kolkata Bench, vide order dated 05/12/2018. A liquidation order was passed against SBASL on
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Loan accounts…
Notice under Section…
The case pertains to 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, seeking to initiate the Insolvency Resolution Process against Mr. Avinash Chandra Gupta, the personal guarantor for Shri Badrinarain Alloys and Steels Limited (SBASL). SBASL had approached the applicant for credit facilities, which were extended from time to time. A deed of guarantee was executed by the respondent, Avinash Chandra Gupta, for the repayment of loans granted to SBASL. SBASL defaulted on the repayment, leading to the loan accounts being classified as
…Bank of Baroda extended credit facilities to Shri Badrinarain Alloys and Steels Limited (SBASL). Mr. Avinash Chandra Gupta provided personal guarantees for the credit facilities. SBASL defaulted on repayments, leading to the loan accounts being classified as Non-Performing Assets (NPA) on 15/08/2016, with effect from 01/05/2013 (cutoff date of CDR restructure). Bank of Baroda filed an original application (O.A. No. 41 of 2019) against SBASL and the guarantors before the Debts Recovery Tribunal-I, Kolkata. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 09/10/2019. SBASL was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT, Kolkata Bench, vide order dated 05/12/2018. A liquidation order was passed against SBASL on
…Loan accounts…
Notice under Section…