The case involves an application filed by Mrs. Basanti Devi Baldva under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process as a personal guarantor to the corporate debtor, M/s Baldva Textiles Private Limited. The application is based on a default in repayment of liabilities arising from the invocation of a personal guarantee for a debt of Rs. 16,73,10,124/- owed to Punjab National Bank. The Resolution Professional (RP) has filed a report recommending the admission of the application.
Mrs. Basanti Devi Baldva filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor to M/s Baldva Textiles Private Limited. The application is based on a default in repayment of liabilities arising from the invocation of a personal guarantee for a debt of Rs. 16,73,10,124/- owed to Punjab National Bank. The Resolution Professional, Mr. Vishnu Upadhyay, was appointed on 2023-09-27 and filed a report recommending the admission of the application. The applicant also defaulted in making payment of unsecured creditors Rs. 27,20,000/-. The unsecured creditors are Ajay Baldva HUF, Mohit Jain, and Shwetambara Baldva.
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Mr. Vishnu Upadhyay was appointed as the…
Order Pronounc…
The case involves an application filed by Mrs. Basanti Devi Baldva under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process as a personal guarantor to the corporate debtor, M/s Baldva Textiles Private Limited. The application is based on a default in repayment of liabilities arising from the invocation of a personal guarantee for a debt of Rs. 16,73,10,124/- owed to Punjab National Bank. The Resolution Professional (RP) has filed a report recommending the admission of the application.
Mrs. Basanti Devi Baldva filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor to M/s Baldva Textiles Private Limited. The application is based on a default in repayment of liabilities arising from the invocation of a personal guarantee for a debt of Rs. 16,73,10,124/- owed to Punjab National Bank. The Resolution Professional, Mr. Vishnu Upadhyay, was appointed on 2023-09-27 and filed a report recommending the admission of the application. The applicant also defaulted in making payment of unsecured creditors Rs. 27,20,000/-. The unsecured creditors are Ajay Baldva HUF, Mohit Jain, and Shwetambara Baldva.
Mr. Vishnu Upadhyay was appointed as the…
Order Pronounc…