The case involves an application filed by Bank of Baroda under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Rajnandan Singh, a personal guarantor to Maa Tara Ferrotech Private Limited (MTFPL). MTFPL had availed credit facilities from the applicant, and Mr. Singh had provided a personal guarantee for the same. MTFPL's account was classified as a non-performing asset (NPA) on 11/06/2015. The bank issued a demand notice under Section 13(2) on 04/08/2016 and a possession notice under Section 13(4) on 17/12/2016 under the
…Bank of Baroda (the Applicant) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Rajnandan Singh (the Respondent), who is a personal guarantor to Maa Tara Ferrotech Private Limited (MTFPL). MTFPL had availed credit facilities from the Applicant, and Mr. Singh had executed a personal guarantee on 24/05/2013 to secure the repayment. MTFPL defaulted on its repayment obligations, leading the Applicant to classify the account as a Non-Performing Asset (NPA) on 11/06/2015. The Applicant issued a Demand Notice under Section 13(2) on 04/08/2016 and a possession notice under Section 13(4) on 17/12/2016 under the SARFAESI Act, 2002. The Applicant had also filed an application under Section 19 of the Recovery of Debts and
…Sign in to view the parties.
Bank of Baroda classified the account of…
Bank of Baroda issued a…
The case involves an application filed by Bank of Baroda under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Rajnandan Singh, a personal guarantor to Maa Tara Ferrotech Private Limited (MTFPL). MTFPL had availed credit facilities from the applicant, and Mr. Singh had provided a personal guarantee for the same. MTFPL's account was classified as a non-performing asset (NPA) on 11/06/2015. The bank issued a demand notice under Section 13(2) on 04/08/2016 and a possession notice under Section 13(4) on 17/12/2016 under the
…Bank of Baroda (the Applicant) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Rajnandan Singh (the Respondent), who is a personal guarantor to Maa Tara Ferrotech Private Limited (MTFPL). MTFPL had availed credit facilities from the Applicant, and Mr. Singh had executed a personal guarantee on 24/05/2013 to secure the repayment. MTFPL defaulted on its repayment obligations, leading the Applicant to classify the account as a Non-Performing Asset (NPA) on 11/06/2015. The Applicant issued a Demand Notice under Section 13(2) on 04/08/2016 and a possession notice under Section 13(4) on 17/12/2016 under the SARFAESI Act, 2002. The Applicant had also filed an application under Section 19 of the Recovery of Debts and
…Bank of Baroda classified the account of…
Bank of Baroda issued a…