The case involves a Company Petition (IB) No. 1035 of 2023 filed by Bank of Maharashtra, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Principal Borrowers) Rules, 2019. The petition seeks to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Anand Vijaykumar Singh, the Respondent and Personal Guarantor, who is the Director of the Principal Borrower, M/s Soframe Defence Solutions Private Limited. The bank had extended a cash credit facility of Rs. 10 Crores to the Principal Borrower, secured by a first-charge mortgage, corporate guarantee, and personal guarantees,
…Bank of Maharashtra extended a cash credit facility of Rs. 10 Crores to M/s Soframe Defence Solutions Private Limited ('Principal Borrower') vide Sanction Letter dated 27.12.2013. Mr. Anand Vijaykumar Singh ('Respondent') is the Director of the Principal Borrower and also a personal guarantor for the facility. The facility was secured by a first-charge mortgage over land, plant, and machinery, a corporate guarantee from M/s Automotive Coaches and Components Private Limited, and personal guarantees from the Respondent and other individuals. The Principal Borrower defaulted in repayment, and the account was declared a Non-Performing Asset on 16.07.2015. The Petitioner issued a Demand Notice on 06.04.2016 for outstanding dues of Rs. 17,21,73,781/-. Recovery proceedings
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Bank of Maharashtra extended a cash credit…
The account of the…
The case involves a Company Petition (IB) No. 1035 of 2023 filed by Bank of Maharashtra, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Principal Borrowers) Rules, 2019. The petition seeks to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Anand Vijaykumar Singh, the Respondent and Personal Guarantor, who is the Director of the Principal Borrower, M/s Soframe Defence Solutions Private Limited. The bank had extended a cash credit facility of Rs. 10 Crores to the Principal Borrower, secured by a first-charge mortgage, corporate guarantee, and personal guarantees,
…Bank of Maharashtra extended a cash credit facility of Rs. 10 Crores to M/s Soframe Defence Solutions Private Limited ('Principal Borrower') vide Sanction Letter dated 27.12.2013. Mr. Anand Vijaykumar Singh ('Respondent') is the Director of the Principal Borrower and also a personal guarantor for the facility. The facility was secured by a first-charge mortgage over land, plant, and machinery, a corporate guarantee from M/s Automotive Coaches and Components Private Limited, and personal guarantees from the Respondent and other individuals. The Principal Borrower defaulted in repayment, and the account was declared a Non-Performing Asset on 16.07.2015. The Petitioner issued a Demand Notice on 06.04.2016 for outstanding dues of Rs. 17,21,73,781/-. Recovery proceedings
…Bank of Maharashtra extended a cash credit…
The account of the…