Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Personal Insolvency Resolution Process (PIRP) against Mr. Bharat Raj Punj, the personal guarantor to the corporate debtor, Leel Electricals Ltd. The application was prompted by the corporate debtor's failure to repay its outstanding debt, leading to the invocation of the personal guarantee. The corporate debtor's CIRP had already been initiated and culminated in liquidation. The Resolution Professional (RP) appointed by the tribunal submitted a report recommending the admission of the application under Section 95.
Bank of Baroda, the financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Personal Insolvency Resolution Process (PIRP) against Mr. Bharat Raj Punj, the personal guarantor, due to the failure of Leel Electricals Ltd., the corporate debtor, to repay a debt of Rs. 40,11,61,229.89/- as of 31.01.2021. The corporate debtor defaulted on 19.12.2018. Mr. Punj had executed a Deed of Guarantee on 14.08.2018, guaranteeing credit facilities up to Rs. 65 crore. The corporate debtor's CIRP was initiated on 25.03.2020 and culminated in liquidation on 06.12.2021. The financial creditor recovered Rs. 7.85 crores from the liquidation, leaving Rs. 37.98 crores outstanding. A demand notice was issued to Mr. Punj on
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Respondent executed Deed of Guarantee in favour…
Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Personal Insolvency Resolution Process (PIRP) against Mr. Bharat Raj Punj, the personal guarantor to the corporate debtor, Leel Electricals Ltd. The application was prompted by the corporate debtor's failure to repay its outstanding debt, leading to the invocation of the personal guarantee. The corporate debtor's CIRP had already been initiated and culminated in liquidation. The Resolution Professional (RP) appointed by the tribunal submitted a report recommending the admission of the application under Section 95.
Bank of Baroda, the financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Personal Insolvency Resolution Process (PIRP) against Mr. Bharat Raj Punj, the personal guarantor, due to the failure of Leel Electricals Ltd., the corporate debtor, to repay a debt of Rs. 40,11,61,229.89/- as of 31.01.2021. The corporate debtor defaulted on 19.12.2018. Mr. Punj had executed a Deed of Guarantee on 14.08.2018, guaranteeing credit facilities up to Rs. 65 crore. The corporate debtor's CIRP was initiated on 25.03.2020 and culminated in liquidation on 06.12.2021. The financial creditor recovered Rs. 7.85 crores from the liquidation, leaving Rs. 37.98 crores outstanding. A demand notice was issued to Mr. Punj on
…Various credit facilities were sanctioned to the…
Respondent executed Deed of Guarantee in favour…