The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Bank of Maharashtra, the financial creditor, initiated insolvency resolution process against Mr. Abhay Kumar Singh, the personal guarantor, for the loans availed by the corporate debtor, M/s Hetauda Industries Pvt. Ltd. The corporate debtor had availed financial facilities from the bank since March 2015, and Mr. Singh had executed a guarantee agreement in his individual capacity on April 29, 2015. The corporate debtor defaulted in repayment, leading to the account being declared
…M/s Hetauda Industries Pvt Ltd, the Corporate debtor, availed financial facility and term loan from Bank of Maharashtra of INR 4.75 Crores since March of 2015. Mr. Abhay Kumar Singh, director of Corporate Debtor, executed a guarantee agreement in his individual capacity on 29th April of 2015. The principal Borrower defaulted in repayment of the dues and as a result thereof, declared Non-Performing Asset (NPA)by the creditor on 20.12.2017. The Creditor Bank of Maharashtra has issued a Legal Notice u/s 13(2) of SARFAESI recalling the loan facilities sanctioned and invoking the guarantee of the guarantor on 03.01.2018 and demand notice issued on dated 23.08.2022 as provided under Section 95(4)(b) of IBC 2016 R/W Rule 7(1) of the Insolvency and Bankruptcy Resolution
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M/s Hetauda Industries Pvt Ltd availed…
Mr. Abhay Kumar Singh…
The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Bank of Maharashtra, the financial creditor, initiated insolvency resolution process against Mr. Abhay Kumar Singh, the personal guarantor, for the loans availed by the corporate debtor, M/s Hetauda Industries Pvt. Ltd. The corporate debtor had availed financial facilities from the bank since March 2015, and Mr. Singh had executed a guarantee agreement in his individual capacity on April 29, 2015. The corporate debtor defaulted in repayment, leading to the account being declared
…M/s Hetauda Industries Pvt Ltd, the Corporate debtor, availed financial facility and term loan from Bank of Maharashtra of INR 4.75 Crores since March of 2015. Mr. Abhay Kumar Singh, director of Corporate Debtor, executed a guarantee agreement in his individual capacity on 29th April of 2015. The principal Borrower defaulted in repayment of the dues and as a result thereof, declared Non-Performing Asset (NPA)by the creditor on 20.12.2017. The Creditor Bank of Maharashtra has issued a Legal Notice u/s 13(2) of SARFAESI recalling the loan facilities sanctioned and invoking the guarantee of the guarantor on 03.01.2018 and demand notice issued on dated 23.08.2022 as provided under Section 95(4)(b) of IBC 2016 R/W Rule 7(1) of the Insolvency and Bankruptcy Resolution
…M/s Hetauda Industries Pvt Ltd availed…
Mr. Abhay Kumar Singh…