The application was filed by Bank of Maharashtra under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy Rules, 2019, against Mr. Ashwani Khanna, the Personal Guarantor to the Corporate Debtor, M/s. Ashoka Machine Tools International Pvt. Ltd. The bank sought initiation of the insolvency resolution process against the personal guarantor due to default in repayment of loan facilities granted to the corporate debtor.
Bank of Maharashtra filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Ashwani Khanna, who is the personal guarantor for M/s. Ashoka Machine Tools International Pvt. Ltd. The bank had granted Cash Credit and Bank Guarantee facilities to Ashoka Machine Tools International Pvt. Ltd. The Applicant Bank had sanctioned a Cash Credit Hypothecation facility of Rs. 725.00 lakh with a Sub-limit facility of Packing Credit of Rs. 100.00 lakh to meet the Working Capital needs of the Corporate Debtor. The Cash Credit limit carried interest @ Base Rate plus 3.5% i.e. 13.50% per annum with monthly rests subject to change from time to time and a Bank Guarantee Limit of Rs. 75.00 Lakh. The Principal Borrower had requested the Applicant
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Mortgagor's Declaration dated 22.01.2013 for…
Memorandum of Record of…
The application was filed by Bank of Maharashtra under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy Rules, 2019, against Mr. Ashwani Khanna, the Personal Guarantor to the Corporate Debtor, M/s. Ashoka Machine Tools International Pvt. Ltd. The bank sought initiation of the insolvency resolution process against the personal guarantor due to default in repayment of loan facilities granted to the corporate debtor.
Bank of Maharashtra filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Ashwani Khanna, who is the personal guarantor for M/s. Ashoka Machine Tools International Pvt. Ltd. The bank had granted Cash Credit and Bank Guarantee facilities to Ashoka Machine Tools International Pvt. Ltd. The Applicant Bank had sanctioned a Cash Credit Hypothecation facility of Rs. 725.00 lakh with a Sub-limit facility of Packing Credit of Rs. 100.00 lakh to meet the Working Capital needs of the Corporate Debtor. The Cash Credit limit carried interest @ Base Rate plus 3.5% i.e. 13.50% per annum with monthly rests subject to change from time to time and a Bank Guarantee Limit of Rs. 75.00 Lakh. The Principal Borrower had requested the Applicant
…Mortgagor's Declaration dated 22.01.2013 for…
Memorandum of Record of…