Bank of Maharashtra filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Bal Kishan Gupta, the personal guarantor, for loans availed by M/s Maa Santoshi Marble Pvt. Ltd. The corporate debtor had approached the bank in 2013 for credit facilities, which were sanctioned. Mr. Bal Kishan Gupta stood as the personal guarantor and executed a deed of guarantee on 24.12.2014. The corporate debtor defaulted, leading to the account being declared NPA on 24.09.2015. The bank issued recall and demand notices, which remained uncomplied with. The bank also filed an Original Application before DRT-I, Delhi, to recover the outstanding amount.
In 2013, M/s Pushpa Minerals, later taken over by M/s Maa Santoshi Marble Pvt. Ltd. (Corporate Debtor), approached Bank of Maharashtra for credit facilities. The bank sanctioned a credit facility of Rs. 4.75 crores on 11.03.2013, reviewed on 19.09.2013, and extended non-funded limits for 3 Bank Guarantees of Rs. 1 Crore each. The full credit facility of Rs. 7.75 Crores was transferred to the Corporate Debtor on 24.12.2014. Mr. Bal Kishan Gupta stood as the Personal Guarantor and executed a deed of guarantee on 24.12.2014. The credit facilities were secured by creating primary security in the form of stocks and receivables and equitable mortgage properties. The Corporate Debtor defaulted in payment, and the account was declared NPA on 24.09.2015. The bank issued a
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Bank of Maharashtra filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Bal Kishan Gupta, the personal guarantor, for loans availed by M/s Maa Santoshi Marble Pvt. Ltd. The corporate debtor had approached the bank in 2013 for credit facilities, which were sanctioned. Mr. Bal Kishan Gupta stood as the personal guarantor and executed a deed of guarantee on 24.12.2014. The corporate debtor defaulted, leading to the account being declared NPA on 24.09.2015. The bank issued recall and demand notices, which remained uncomplied with. The bank also filed an Original Application before DRT-I, Delhi, to recover the outstanding amount.
In 2013, M/s Pushpa Minerals, later taken over by M/s Maa Santoshi Marble Pvt. Ltd. (Corporate Debtor), approached Bank of Maharashtra for credit facilities. The bank sanctioned a credit facility of Rs. 4.75 crores on 11.03.2013, reviewed on 19.09.2013, and extended non-funded limits for 3 Bank Guarantees of Rs. 1 Crore each. The full credit facility of Rs. 7.75 Crores was transferred to the Corporate Debtor on 24.12.2014. Mr. Bal Kishan Gupta stood as the Personal Guarantor and executed a deed of guarantee on 24.12.2014. The credit facilities were secured by creating primary security in the form of stocks and receivables and equitable mortgage properties. The Corporate Debtor defaulted in payment, and the account was declared NPA on 24.09.2015. The bank issued a
…Applicant sanctioned a…
The aforementioned facility was further…