The Bank of Baroda filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani, the personal guarantor of M/s Aditya Telelink Limited (Corporate Debtor), under Section 95 of the Insolvency and Bankruptcy Code, 2016. Mr. Somani had provided a personal guarantee to secure loans availed by the Corporate Debtor. The Corporate Debtor defaulted on repayment, leading to the invocation of the personal guarantee. The bank sought to recover the outstanding debt through this insolvency proceeding.
Bank of Baroda filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani, the personal guarantor of M/s Aditya Telelink Limited. Mr. Somani provided a personal guarantee for loans availed by the Corporate Debtor. The loan was sanctioned on 2010-06-12, including a cash credit of Rs. 12 crores and a bank guarantee of Rs. 3 crores, totaling Rs. 15 crores. The loan was enhanced to Rs. 18 crores on 2012-04-09. The Corporate Debtor's account was classified as a Non-Performing Asset on 2016-09-28. A Recovery Certificate was issued by the Debt Recovery Tribunal, Jaipur, on 2021-12-07. A demand notice was issued to the Personal Guarantor on 2022-11-30. The total debt reflected in the application is Rs. 10,73,87,620.38 as of 2022-11-30, plus future
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The Bank of Baroda filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani, the personal guarantor of M/s Aditya Telelink Limited (Corporate Debtor), under Section 95 of the Insolvency and Bankruptcy Code, 2016. Mr. Somani had provided a personal guarantee to secure loans availed by the Corporate Debtor. The Corporate Debtor defaulted on repayment, leading to the invocation of the personal guarantee. The bank sought to recover the outstanding debt through this insolvency proceeding.
Bank of Baroda filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani, the personal guarantor of M/s Aditya Telelink Limited. Mr. Somani provided a personal guarantee for loans availed by the Corporate Debtor. The loan was sanctioned on 2010-06-12, including a cash credit of Rs. 12 crores and a bank guarantee of Rs. 3 crores, totaling Rs. 15 crores. The loan was enhanced to Rs. 18 crores on 2012-04-09. The Corporate Debtor's account was classified as a Non-Performing Asset on 2016-09-28. A Recovery Certificate was issued by the Debt Recovery Tribunal, Jaipur, on 2021-12-07. A demand notice was issued to the Personal Guarantor on 2022-11-30. The total debt reflected in the application is Rs. 10,73,87,620.38 as of 2022-11-30, plus future
…Loan sanctioned to the Corporate Debtor by the…
Loan granted was…