The Bank of Maharashtra filed a petition 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 Corporate Debtors) Rules, 2019, seeking to initiate Insolvency Resolution Process against Mr. Shashank Gokhale, the personal guarantor of M/s Brainer Impex Limited. The Corporate Debtor and its guarantors had approached the Financial Creditor in 2011 for a cash credit facility of Rs. 9,75,00,000, which was sanctioned. The Corporate Debtor defaulted in repayment, leading to a notice dated 17.04.2015 under the SARFAESI Act. An application no. 983/2016 was filed by the Financial Creditor against the Corporate Debtor
…In 2011, the Corporate Debtor and its guarantors sought a cash credit facility of Rs. 9,75,00,000 from the Financial Creditor, Bank of Maharashtra, which was sanctioned on 04.08.2011. The Personal Guarantor executed a Guarantee Bond on 25.10.2011. The Corporate Debtor defaulted, leading to a SARFAESI notice dated 17.04.2015 for an outstanding amount of Rs. 10,67,73,935. An application (no. 983/2016) was filed by the Financial Creditor against the Corporate Debtor before the DRT, Pune, which is pending. The Corporate Debtor was admitted into CIRP on 24.06.2019, and liquidation was ordered on 23.09.2021. The Financial Creditor invoked the personal guarantee via notice dated 17.05.2015. A demand notice dated 27.06.2022 was issued to the Personal Guarantor for Rs.
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The Corporate Debtor and its guarantors…
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The Bank of Maharashtra filed a petition 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 Corporate Debtors) Rules, 2019, seeking to initiate Insolvency Resolution Process against Mr. Shashank Gokhale, the personal guarantor of M/s Brainer Impex Limited. The Corporate Debtor and its guarantors had approached the Financial Creditor in 2011 for a cash credit facility of Rs. 9,75,00,000, which was sanctioned. The Corporate Debtor defaulted in repayment, leading to a notice dated 17.04.2015 under the SARFAESI Act. An application no. 983/2016 was filed by the Financial Creditor against the Corporate Debtor
…In 2011, the Corporate Debtor and its guarantors sought a cash credit facility of Rs. 9,75,00,000 from the Financial Creditor, Bank of Maharashtra, which was sanctioned on 04.08.2011. The Personal Guarantor executed a Guarantee Bond on 25.10.2011. The Corporate Debtor defaulted, leading to a SARFAESI notice dated 17.04.2015 for an outstanding amount of Rs. 10,67,73,935. An application (no. 983/2016) was filed by the Financial Creditor against the Corporate Debtor before the DRT, Pune, which is pending. The Corporate Debtor was admitted into CIRP on 24.06.2019, and liquidation was ordered on 23.09.2021. The Financial Creditor invoked the personal guarantee via notice dated 17.05.2015. A demand notice dated 27.06.2022 was issued to the Personal Guarantor for Rs.
…The Corporate Debtor and its guarantors…
The Financial…