The Bank of Baroda filed an application to initiate the Insolvency Resolution Process against Mrs. Sarla Devi Somani, who is the personal guarantor for the loans availed by M/s Aditya Telelink Limited, the 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. Mrs. Sarla Devi Somani had executed a personal guarantee to secure the repayment of financial assistance availed by the Corporate Debtor. The Corporate Debtor defaulted in repayment, leading to the invocation of the personal guarantee.
Bank of Baroda filed an application to initiate the Insolvency Resolution Process against Mrs. Sarla Devi Somani, the personal guarantor for M/s Aditya Telelink Limited. Mrs. Somani executed a personal guarantee to secure loans availed by Aditya Telelink. 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 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 was issued to Mrs. Somani on 30.11.2022. The total debt was Rs. 10,73,87,620.38 as of 30.11.2022, plus future interest. Mrs. Somani defaulted on the payment, leading to
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Loan was sanctioned to the Corporate Debtor…
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The Bank of Baroda filed an application to initiate the Insolvency Resolution Process against Mrs. Sarla Devi Somani, who is the personal guarantor for the loans availed by M/s Aditya Telelink Limited, the 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. Mrs. Sarla Devi Somani had executed a personal guarantee to secure the repayment of financial assistance availed by the Corporate Debtor. The Corporate Debtor defaulted in repayment, leading to the invocation of the personal guarantee.
Bank of Baroda filed an application to initiate the Insolvency Resolution Process against Mrs. Sarla Devi Somani, the personal guarantor for M/s Aditya Telelink Limited. Mrs. Somani executed a personal guarantee to secure loans availed by Aditya Telelink. 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 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 was issued to Mrs. Somani on 30.11.2022. The total debt was Rs. 10,73,87,620.38 as of 30.11.2022, plus future interest. Mrs. Somani defaulted on the payment, leading to
…Loan was sanctioned to the Corporate Debtor…
The loan granted was…