The Bank of Baroda initiated insolvency proceedings against Mr. Jitendra V Kikavat, the personal guarantor of M/S Mahavir Roads and Infrastructure Pvt. Ltd., for the recovery of Rs. 66,35,16,757.11. The corporate debtor was already under CIRP based on an order dated 21.02.2019. The petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. The date of default was specified as 30.01.2016. The petitioner placed on record the sanction letter, deed of guarantees, and demand notice invoking the guarantee.
Bank of Baroda filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Jitendra V Kikavat, the personal guarantor of M/S Mahavir Roads and Infrastructure Pvt. Ltd., seeking to initiate the insolvency resolution process for recovery of Rs. 66,35,16,757.11. The date of default was specified as 30.01.2016. The Corporate Debtor, M/S Mahavir Roads and Infrastructure Pvt. Ltd., was incorporated on 16.10.2006 and was already under CIRP based on an order dated 21.02.2019. The petitioner placed on record the sanction letter dated 22.02.2012, deed of guarantees dated 26.04.2012, and Demand Notice dated 06.11.2020. The Respondent contended that the Guarantee Letter was insufficiently stamped, the demand notice was issued beyond the limitation
…Sign in to view the parties.
The date of default as…
An order of CIRP…
The Bank of Baroda initiated insolvency proceedings against Mr. Jitendra V Kikavat, the personal guarantor of M/S Mahavir Roads and Infrastructure Pvt. Ltd., for the recovery of Rs. 66,35,16,757.11. The corporate debtor was already under CIRP based on an order dated 21.02.2019. The petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. The date of default was specified as 30.01.2016. The petitioner placed on record the sanction letter, deed of guarantees, and demand notice invoking the guarantee.
Bank of Baroda filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Jitendra V Kikavat, the personal guarantor of M/S Mahavir Roads and Infrastructure Pvt. Ltd., seeking to initiate the insolvency resolution process for recovery of Rs. 66,35,16,757.11. The date of default was specified as 30.01.2016. The Corporate Debtor, M/S Mahavir Roads and Infrastructure Pvt. Ltd., was incorporated on 16.10.2006 and was already under CIRP based on an order dated 21.02.2019. The petitioner placed on record the sanction letter dated 22.02.2012, deed of guarantees dated 26.04.2012, and Demand Notice dated 06.11.2020. The Respondent contended that the Guarantee Letter was insufficiently stamped, the demand notice was issued beyond the limitation
…The date of default as…
An order of CIRP…