The Bank of Baroda filed an application to initiate the Insolvency Resolution Process against Mr. Jai Kumar Somani, the Personal Guarantor of M/s Aditya Telelink Limited, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The application was filed due to the Corporate Debtor's default in repaying the loan, leading to the invocation of the personal guarantee provided by Mr. Somani. The loan was sanctioned on 12.06.2010, and the account was classified as NPA on 28.09.2016. A recovery certificate was issued by the Debt Recovery Tribunal on 07.12.2021.
Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Jai Kumar Somani, the Personal Guarantor of M/s Aditya Telelink Limited. The loan was sanctioned to the Corporate Debtor on 12.06.2010, with a cash credit of Rs. 12 crores and a bank guarantee of Rs. 3 crores, totaling Rs. 15 crores. Mr. Jai Kumar Somani executed a general form of guarantee dated 12.06.2010 in favor of the Applicant Bank. The loan was enhanced to Rs. 18 crores on 09.04.2012. The credit facility was renewed, and the Corporate Debtor acknowledged the loan on 16.05.2016. The loan account was classified as a Non-Performing Asset (NPA) on 28.09.2016. A recovery certificate was issued by the Debt Recovery
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Loan sanctioned to the Corporate Debtor with…
Mr. Jai Kumar Somani…
The Bank of Baroda filed an application to initiate the Insolvency Resolution Process against Mr. Jai Kumar Somani, the Personal Guarantor of M/s Aditya Telelink Limited, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The application was filed due to the Corporate Debtor's default in repaying the loan, leading to the invocation of the personal guarantee provided by Mr. Somani. The loan was sanctioned on 12.06.2010, and the account was classified as NPA on 28.09.2016. A recovery certificate was issued by the Debt Recovery Tribunal on 07.12.2021.
Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Jai Kumar Somani, the Personal Guarantor of M/s Aditya Telelink Limited. The loan was sanctioned to the Corporate Debtor on 12.06.2010, with a cash credit of Rs. 12 crores and a bank guarantee of Rs. 3 crores, totaling Rs. 15 crores. Mr. Jai Kumar Somani executed a general form of guarantee dated 12.06.2010 in favor of the Applicant Bank. The loan was enhanced to Rs. 18 crores on 09.04.2012. The credit facility was renewed, and the Corporate Debtor acknowledged the loan on 16.05.2016. The loan account was classified as a Non-Performing Asset (NPA) on 28.09.2016. A recovery certificate was issued by the Debt Recovery
…Loan sanctioned to the Corporate Debtor with…
Mr. Jai Kumar Somani…