The case involves an application for initiation of Insolvency Resolution Process against a personal guarantor of a corporate debtor. The Financial Creditor, Bank of Maharashtra, filed the Company Petition. The Financial Creditor drew the Bench's attention to a Demand Notice dated 17.11.2022 invoking the Guarantee against the respondent and proof of its delivery, as well as a Deed of Guarantee dated 25.03.2013 executed by the respondent.
Bank of Maharashtra, the Financial Creditor, filed a Company Petition for initiation of Insolvency Resolution Process against Sidhant Thakur, the Personal Guarantor of a Corporate Debtor. The Financial Creditor presented a Demand Notice dated 17.11.2022 invoking the guarantee and proof of its delivery, along with a Deed of Guarantee dated 25.03.2013 executed by the respondent. The Financial Creditor did not propose an IRP. The court then appointed an IRP and ordered an advance payment to initiate the resolution process. An interim moratorium was also declared.
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The Financial Creditor issued a Demand…
The Deed of Guarantee…
The case involves an application for initiation of Insolvency Resolution Process against a personal guarantor of a corporate debtor. The Financial Creditor, Bank of Maharashtra, filed the Company Petition. The Financial Creditor drew the Bench's attention to a Demand Notice dated 17.11.2022 invoking the Guarantee against the respondent and proof of its delivery, as well as a Deed of Guarantee dated 25.03.2013 executed by the respondent.
Bank of Maharashtra, the Financial Creditor, filed a Company Petition for initiation of Insolvency Resolution Process against Sidhant Thakur, the Personal Guarantor of a Corporate Debtor. The Financial Creditor presented a Demand Notice dated 17.11.2022 invoking the guarantee and proof of its delivery, along with a Deed of Guarantee dated 25.03.2013 executed by the respondent. The Financial Creditor did not propose an IRP. The court then appointed an IRP and ordered an advance payment to initiate the resolution process. An interim moratorium was also declared.
The Financial Creditor issued a Demand…
The Deed of Guarantee…