The case involves a petition filed by Mrs. Bhavna Ravi Matta, the Personal Guarantor to the Corporate Debtor, under Section 94(1) of the Insolvency & Bankruptcy Code, 2016 (IBC), read with Rule 6(1) of the Insolvency and Bankruptcy (Application for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate a bankruptcy process against herself. The Applicant had executed guarantee agreements to secure loans obtained by Asrec (India) Limited (the Financial Creditor) with respect to M/s North American Mercantile India Pvt. Ltd. (the Corporate Debtor) from Abhyudaya Co-operative Bank Ltd. The financial debt was incurred on 07.08.2018. The account was declared NPA on 09.12.2019. Asrec (India) Limited issued a possession
…Mrs. Bhavna Ravi Matta, the Applicant, is the Personal Guarantor to the Corporate Debtor, M/s North American Mercantile India Pvt. Ltd. The Applicant executed guarantee agreements to secure loans obtained by Asrec (India) Limited (the Financial Creditor) from Abhyudaya Co-operative Bank Ltd. A financial debt was incurred on 07.08.2018. The account was declared a Non-Performing Asset (NPA) on 09.12.2019. Asrec (India) Limited issued a possession notice to the Applicant under Section 13(4) of the SARFAESI Act, 2002, on 24.02.2021. The Court of the Addl. Chief Metropolitan Magistrate directed for taking possession of the secured assets of the Applicant on 26.07.2022. The Applicant filed a petition under Section 94(1) of the Insolvency & Bankruptcy Code, 2016, seeking
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Financial debt was incurred with the sanction…
The account of the…
The case involves a petition filed by Mrs. Bhavna Ravi Matta, the Personal Guarantor to the Corporate Debtor, under Section 94(1) of the Insolvency & Bankruptcy Code, 2016 (IBC), read with Rule 6(1) of the Insolvency and Bankruptcy (Application for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate a bankruptcy process against herself. The Applicant had executed guarantee agreements to secure loans obtained by Asrec (India) Limited (the Financial Creditor) with respect to M/s North American Mercantile India Pvt. Ltd. (the Corporate Debtor) from Abhyudaya Co-operative Bank Ltd. The financial debt was incurred on 07.08.2018. The account was declared NPA on 09.12.2019. Asrec (India) Limited issued a possession
…Mrs. Bhavna Ravi Matta, the Applicant, is the Personal Guarantor to the Corporate Debtor, M/s North American Mercantile India Pvt. Ltd. The Applicant executed guarantee agreements to secure loans obtained by Asrec (India) Limited (the Financial Creditor) from Abhyudaya Co-operative Bank Ltd. A financial debt was incurred on 07.08.2018. The account was declared a Non-Performing Asset (NPA) on 09.12.2019. Asrec (India) Limited issued a possession notice to the Applicant under Section 13(4) of the SARFAESI Act, 2002, on 24.02.2021. The Court of the Addl. Chief Metropolitan Magistrate directed for taking possession of the secured assets of the Applicant on 26.07.2022. The Applicant filed a petition under Section 94(1) of the Insolvency & Bankruptcy Code, 2016, seeking
…Financial debt was incurred with the sanction…
The account of the…