Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Sarla Devi Somani, the personal guarantor to the loans availed by M/s Aditya Telelink Limited, the Corporate Debtor. 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 loan was enhanced to Rs. 18 crores on 09.04.2012. The loan account of the Corporate Debtor was classified as a Non-Performing Asset on 28.09.2016. A Recovery Certificate was issued by the Debt Recovery Tribunal, Jaipur, on 07.12.2021, in favor of the Applicant Bank. A demand notice dated 30.11.2022 was issued to the Personal Guarantor.
Bank of Baroda ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Mrs. Sarla Devi Somani ('Personal Guarantor'/'Respondent'). Mrs. Somani is the personal guarantor for loans availed by M/s Aditya Telelink Limited ('Corporate Debtor'). The loan was sanctioned on 12.06.2010, comprising a cash credit of Rs. 12 crores and a bank guarantee of Rs. 3 crores, totaling Rs. 15 crores. The loan was later enhanced to Rs. 18 crores on 09.04.2012. The Corporate Debtor's account was classified as a Non-Performing Asset on 28.09.2016. A Recovery Certificate was issued by the Debt Recovery Tribunal, Jaipur, on 07.12.2021. A demand notice was issued to Mrs. Somani on 30.11.2022, demanding Rs. 10,73,87,620.38/- as of 30.11.2022, plus future
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Loan sanctioned to Corporate Debtor with Cash…
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Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Sarla Devi Somani, the personal guarantor to the loans availed by M/s Aditya Telelink Limited, the Corporate Debtor. 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 loan was enhanced to Rs. 18 crores on 09.04.2012. The loan account of the Corporate Debtor was classified as a Non-Performing Asset on 28.09.2016. A Recovery Certificate was issued by the Debt Recovery Tribunal, Jaipur, on 07.12.2021, in favor of the Applicant Bank. A demand notice dated 30.11.2022 was issued to the Personal Guarantor.
Bank of Baroda ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Mrs. Sarla Devi Somani ('Personal Guarantor'/'Respondent'). Mrs. Somani is the personal guarantor for loans availed by M/s Aditya Telelink Limited ('Corporate Debtor'). The loan was sanctioned on 12.06.2010, comprising a cash credit of Rs. 12 crores and a bank guarantee of Rs. 3 crores, totaling Rs. 15 crores. The loan was later enhanced to Rs. 18 crores on 09.04.2012. The Corporate Debtor's account was classified as a Non-Performing Asset on 28.09.2016. A Recovery Certificate was issued by the Debt Recovery Tribunal, Jaipur, on 07.12.2021. A demand notice was issued to Mrs. Somani on 30.11.2022, demanding Rs. 10,73,87,620.38/- as of 30.11.2022, plus future
…Loan sanctioned to Corporate Debtor with Cash…
Loan granted was…