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 Interim Resolution Process (IRP) 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/- extended by Punjab National Bank. The Resolution Professional (RP) filed a report recommending the admission of the application, stating that Mrs. Basanti Devi meets the criteria under Section 94 of the Code.
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 corporate debtor. The application seeks initiation of the Interim Resolution Process (IRP) due to a default in repayment of liabilities arising from the invocation of a personal guarantee. The debt amount is Rs. 16,73,10,124/-, related to a credit facility extended by Punjab National Bank. The Authority appointed Mr. Vishnu Upadhyay as the Resolution Professional (RP). The RP filed a report recommending the admission of the application, stating that Mrs. Basanti Devi meets the criteria under Section 94 of the Code. The applicant has also defaulted in making payment of unsecured creditors Rs.
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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 Interim Resolution Process (IRP) 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/- extended by Punjab National Bank. The Resolution Professional (RP) filed a report recommending the admission of the application, stating that Mrs. Basanti Devi meets the criteria under Section 94 of the Code.
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 corporate debtor. The application seeks initiation of the Interim Resolution Process (IRP) due to a default in repayment of liabilities arising from the invocation of a personal guarantee. The debt amount is Rs. 16,73,10,124/-, related to a credit facility extended by Punjab National Bank. The Authority appointed Mr. Vishnu Upadhyay as the Resolution Professional (RP). The RP filed a report recommending the admission of the application, stating that Mrs. Basanti Devi meets the criteria under Section 94 of the Code. The applicant has also defaulted in making payment of unsecured creditors Rs.
…Mr. Vishnu Upadhyay was appointed as the…
Order Pronounc…