Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Jai Kumar Somani, the Personal Guarantor of M/s Aditya Telelink Limited. The application was filed due to the Corporate Debtor's default in repaying loans for which Mr. Somani had provided a personal guarantee. The loan was sanctioned on 12.06.2010, with subsequent enhancements. The Corporate Debtor's account was classified as a Non-Performing Asset on 28.09.2016. A Recovery Certificate was issued by the Debt Recovery Tribunal on 07.12.2021, but the debt remained unpaid.
Bank of Baroda ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Mr. Jai Kumar Somani ('Personal Guarantor'/'Respondent'). Mr. Somani stood as the Guarantor for loans availed by M/s Aditya Telelink Limited ('Corporate Debtor'). The loan was sanctioned on 12.06.2010, with Cash Credit of Rs. 12 crores and Bank Guarantee of Rs. 3 crores, totaling Rs. 15 crores. The General Form of Guarantee was executed on 12.06.2010 by Mr. Somani. On 09.04.2012, the loan was enhanced to Rs. 18 crores. The credit facility was renewed, and on 16.05.2016, the Corporate Debtor acknowledged the loan. On 28.09.2016, the loan account was classified as Non-Performing Asset. A Recovery Certificate was issued on 07.12.2021. A demand notice was issued
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Loan sanctioned to Corporate Debtor with Cash…
Mr. Jai Kumar Somani…
Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Jai Kumar Somani, the Personal Guarantor of M/s Aditya Telelink Limited. The application was filed due to the Corporate Debtor's default in repaying loans for which Mr. Somani had provided a personal guarantee. The loan was sanctioned on 12.06.2010, with subsequent enhancements. The Corporate Debtor's account was classified as a Non-Performing Asset on 28.09.2016. A Recovery Certificate was issued by the Debt Recovery Tribunal on 07.12.2021, but the debt remained unpaid.
Bank of Baroda ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Mr. Jai Kumar Somani ('Personal Guarantor'/'Respondent'). Mr. Somani stood as the Guarantor for loans availed by M/s Aditya Telelink Limited ('Corporate Debtor'). The loan was sanctioned on 12.06.2010, with Cash Credit of Rs. 12 crores and Bank Guarantee of Rs. 3 crores, totaling Rs. 15 crores. The General Form of Guarantee was executed on 12.06.2010 by Mr. Somani. On 09.04.2012, the loan was enhanced to Rs. 18 crores. The credit facility was renewed, and on 16.05.2016, the Corporate Debtor acknowledged the loan. On 28.09.2016, the loan account was classified as Non-Performing Asset. A Recovery Certificate was issued on 07.12.2021. A demand notice was issued
…Loan sanctioned to Corporate Debtor with Cash…
Mr. Jai Kumar Somani…