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. The Personal Guarantor had provided a personal guarantee for the loans availed by the Corporate Debtor. The Corporate Debtor defaulted on repayment, leading to the invocation of the personal guarantee.
The Bank of Baroda ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani ('Personal Guarantor'/'Respondent') under Section 95 of the Insolvency and Bankruptcy Code, 2016. Mr. Somani was the personal guarantor for loans availed by M/s Aditya Telelink Limited ('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 General Form of Guarantee was executed by Mr. Sameer Somani on 2010-06-12. The loan limit was enhanced to Rs. 18 crores on 2012-04-09. The loan account of the Corporate Debtor was classified as a Non-Performing Asset on 2016-09-28. A Recovery Certificate was issued by the Debt Recovery
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Loan sanctioned to the Corporate Debtor,…
General Form of…
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. The Personal Guarantor had provided a personal guarantee for the loans availed by the Corporate Debtor. The Corporate Debtor defaulted on repayment, leading to the invocation of the personal guarantee.
The Bank of Baroda ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani ('Personal Guarantor'/'Respondent') under Section 95 of the Insolvency and Bankruptcy Code, 2016. Mr. Somani was the personal guarantor for loans availed by M/s Aditya Telelink Limited ('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 General Form of Guarantee was executed by Mr. Sameer Somani on 2010-06-12. The loan limit was enhanced to Rs. 18 crores on 2012-04-09. The loan account of the Corporate Debtor was classified as a Non-Performing Asset on 2016-09-28. A Recovery Certificate was issued by the Debt Recovery
…Loan sanctioned to the Corporate Debtor,…
General Form of…