The Bank of Baroda filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani, the personal guarantor for loans availed by M/s Aditya Telelink Limited (Corporate Debtor). The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the relevant rules. Mr. Somani had provided a personal guarantee to secure the financial assistance provided to the Corporate Debtor. Upon default by the Corporate Debtor, the bank invoked the personal guarantee, demanding repayment, which Mr. Somani failed to make.
Bank of Baroda filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani, who acted as the personal guarantor for loans availed by M/s Aditya Telelink Limited. The loan was sanctioned on 12.06.2010, with 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 12.06.2010. The loan was enhanced to Rs. 18 crores on 09.04.2012. The Corporate Debtor's loan account was classified as a Non-Performing Asset on 28.09.2016. A Recovery Certificate was issued by the Debt Recovery Tribunal on 07.12.2021. A demand notice dated 30.11.2022 was issued to the Personal Guarantor. The total debt was Rs. 10,73,87,620.38 as of 30.11.2022. The application was
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Loan sanctioned to Corporate Debtor with cash…
General Form of…
The Bank of Baroda filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani, the personal guarantor for loans availed by M/s Aditya Telelink Limited (Corporate Debtor). The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the relevant rules. Mr. Somani had provided a personal guarantee to secure the financial assistance provided to the Corporate Debtor. Upon default by the Corporate Debtor, the bank invoked the personal guarantee, demanding repayment, which Mr. Somani failed to make.
Bank of Baroda filed an application to initiate Insolvency Resolution Process against Mr. Sameer Somani, who acted as the personal guarantor for loans availed by M/s Aditya Telelink Limited. The loan was sanctioned on 12.06.2010, with 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 12.06.2010. The loan was enhanced to Rs. 18 crores on 09.04.2012. The Corporate Debtor's loan account was classified as a Non-Performing Asset on 28.09.2016. A Recovery Certificate was issued by the Debt Recovery Tribunal on 07.12.2021. A demand notice dated 30.11.2022 was issued to the Personal Guarantor. The total debt was Rs. 10,73,87,620.38 as of 30.11.2022. The application was
…Loan sanctioned to Corporate Debtor with cash…
General Form of…