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 Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Bank of Maharashtra, the financial creditor, initiated insolvency resolution process against Mrs. Archana Singh, the personal guarantor, in respect of loans availed by M/s Hetauda Industries Pvt. Ltd., the corporate debtor. The corporate debtor availed financial facility and term loan from Bank of Maharashtra amounting to INR 4.75 Crores since March 2015. Mrs. Archana Singh, as a director of the corporate debtor, executed a guarantee agreement in her individual capacity on April 29, 2015.
…M/s Hetauda Industries Pvt. Ltd. (Corporate debtor) availed financial facility and term loan from Bank of Maharashtra of INR 4.75 Crores since March of 2015. A guarantee agreement was executed by Mrs. Archana Singh director of Corporate Debtor/Respondent in his individual capacity on 29th April of 2015. The corporate debtor defaulted in repayment, leading to its classification as a Non-Performing Asset (NPA) on December 20, 2017. Bank of Maharashtra 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 Process for personal Guarantor
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M/s Hetauda Industries Pvt Ltd availed…
Mrs. Archana 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 Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Bank of Maharashtra, the financial creditor, initiated insolvency resolution process against Mrs. Archana Singh, the personal guarantor, in respect of loans availed by M/s Hetauda Industries Pvt. Ltd., the corporate debtor. The corporate debtor availed financial facility and term loan from Bank of Maharashtra amounting to INR 4.75 Crores since March 2015. Mrs. Archana Singh, as a director of the corporate debtor, executed a guarantee agreement in her individual capacity on April 29, 2015.
…M/s Hetauda Industries Pvt. Ltd. (Corporate debtor) availed financial facility and term loan from Bank of Maharashtra of INR 4.75 Crores since March of 2015. A guarantee agreement was executed by Mrs. Archana Singh director of Corporate Debtor/Respondent in his individual capacity on 29th April of 2015. The corporate debtor defaulted in repayment, leading to its classification as a Non-Performing Asset (NPA) on December 20, 2017. Bank of Maharashtra 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 Process for personal Guarantor
…M/s Hetauda Industries Pvt Ltd availed…
Mrs. Archana Singh…