Bank of Maharashtra filed an application under Section 95(1) and Section 60(2) 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 Corporate Debtors) Rules, 2019, seeking initiation of insolvency resolution process against Mrs. Kavita Ninad Mestry, the personal guarantor to M/s Autocrat Automotive Stamping Private Limited, the Corporate Debtor. The Corporate Debtor had availed a Term Loan facility of Rs.3.75 Crore and a Cash Credit Facility of Rs.1.25 Crore from the Financial Creditor in 2013. The Respondent, being a director of the Corporate Debtor, provided a personal guarantee against the credit facility. The Corporate
…The Bank of Maharashtra extended credit facilities to Autocrat Automotive Stamping Private Limited, the Corporate Debtor, including a Term Loan of Rs.3.75 Crore and a Cash Credit Facility of Rs.1.25 Crore in 2013. Mrs. Kavita Ninad Mestry, a director of the Corporate Debtor, provided a personal guarantee for these facilities. The Corporate Debtor defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 12.05.2014. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act on 17.05.2018 to the Corporate Debtor and its directors, including Mrs. Mestry. Subsequently, a Demand Notice in Form B was issued to Mrs. Mestry on 03.11.2022 under Rule 7(1) of the PG to CD Rules. The total
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The Corporate Debtor availed Term Loan and…
The Respondent provided…
Bank of Maharashtra filed an application under Section 95(1) and Section 60(2) 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 Corporate Debtors) Rules, 2019, seeking initiation of insolvency resolution process against Mrs. Kavita Ninad Mestry, the personal guarantor to M/s Autocrat Automotive Stamping Private Limited, the Corporate Debtor. The Corporate Debtor had availed a Term Loan facility of Rs.3.75 Crore and a Cash Credit Facility of Rs.1.25 Crore from the Financial Creditor in 2013. The Respondent, being a director of the Corporate Debtor, provided a personal guarantee against the credit facility. The Corporate
…The Bank of Maharashtra extended credit facilities to Autocrat Automotive Stamping Private Limited, the Corporate Debtor, including a Term Loan of Rs.3.75 Crore and a Cash Credit Facility of Rs.1.25 Crore in 2013. Mrs. Kavita Ninad Mestry, a director of the Corporate Debtor, provided a personal guarantee for these facilities. The Corporate Debtor defaulted on its repayment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 12.05.2014. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act on 17.05.2018 to the Corporate Debtor and its directors, including Mrs. Mestry. Subsequently, a Demand Notice in Form B was issued to Mrs. Mestry on 03.11.2022 under Rule 7(1) of the PG to CD Rules. The total
…The Corporate Debtor availed Term Loan and…
The Respondent provided…