Bank of Baroda filed a Company Petition against Mr. Pawan V Kikavat, the Personal Guarantor of the Corporate Debtor, M/s. Mahavir Roads and Infrastructure Pvt Ltd, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petition seeks initiation of the Insolvency Resolution Process against the Personal Guarantor. The petitioner's counsel drew attention to a demand notice dated 06.11.2020 invoking the guarantee and the proof of its delivery, as well as a deed of Guarantee dated 26.04.2012 executed by the Personal Guarantor.
Bank of Baroda filed a petition against Mr. Pawan V Kikavat, who is the personal guarantor for the corporate debtor M/s. Mahavir Roads and Infrastructure Pvt Ltd. The petition is for initiating the Insolvency Resolution Process under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The bank presented a demand notice dated 06.11.2020 invoking the guarantee and a deed of guarantee dated 26.04.2012 executed by Mr. Kikavat. The Resolution Professional had already filed a report. The personal guarantor's counsel opposed the petition's maintainability because the Resolution Professional had already filed a report without an explicit order from the Adjudicating Authority. The court then directed the Resolution Professional to submit a fresh report.
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Deed of Guarantee…
Demand notice issued…
Bank of Baroda filed a Company Petition against Mr. Pawan V Kikavat, the Personal Guarantor of the Corporate Debtor, M/s. Mahavir Roads and Infrastructure Pvt Ltd, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petition seeks initiation of the Insolvency Resolution Process against the Personal Guarantor. The petitioner's counsel drew attention to a demand notice dated 06.11.2020 invoking the guarantee and the proof of its delivery, as well as a deed of Guarantee dated 26.04.2012 executed by the Personal Guarantor.
Bank of Baroda filed a petition against Mr. Pawan V Kikavat, who is the personal guarantor for the corporate debtor M/s. Mahavir Roads and Infrastructure Pvt Ltd. The petition is for initiating the Insolvency Resolution Process under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The bank presented a demand notice dated 06.11.2020 invoking the guarantee and a deed of guarantee dated 26.04.2012 executed by Mr. Kikavat. The Resolution Professional had already filed a report. The personal guarantor's counsel opposed the petition's maintainability because the Resolution Professional had already filed a report without an explicit order from the Adjudicating Authority. The court then directed the Resolution Professional to submit a fresh report.
Deed of Guarantee…
Demand notice issued…