The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The applicant, Bhupendra Singh Shekhawat, a personal guarantor to M/s Super Choco Foods LLP, sought initiation of the Insolvency Resolution Process. The corporate debtor availed credit facilities from Punjab National Bank (PNB).
Bhupendra Singh Shekhawat, acting as a personal guarantor for M/s Super Choco Foods LLP, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the insolvency resolution process. M/s Super Choco Foods LLP, the corporate debtor, had availed various credit facilities from Punjab National Bank (PNB). These facilities included a term loan of Rs. 3.75 Crores and a cash credit facility of Rs. 1 Crore, both secured by hypothecation agreements dated 06.10.2015. Due to unavailability of funds, the account of the corporate debtor was classified as Non-Performing Asset (NPA) on 31.10.2017. PNB initiated recovery proceedings and issued notices under Section 13(2) of the SARFAESI Act, 2002, on 07.11.2017. PNB took possession of
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PNB issued notices…
The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The applicant, Bhupendra Singh Shekhawat, a personal guarantor to M/s Super Choco Foods LLP, sought initiation of the Insolvency Resolution Process. The corporate debtor availed credit facilities from Punjab National Bank (PNB).
Bhupendra Singh Shekhawat, acting as a personal guarantor for M/s Super Choco Foods LLP, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the insolvency resolution process. M/s Super Choco Foods LLP, the corporate debtor, had availed various credit facilities from Punjab National Bank (PNB). These facilities included a term loan of Rs. 3.75 Crores and a cash credit facility of Rs. 1 Crore, both secured by hypothecation agreements dated 06.10.2015. Due to unavailability of funds, the account of the corporate debtor was classified as Non-Performing Asset (NPA) on 31.10.2017. PNB initiated recovery proceedings and issued notices under Section 13(2) of the SARFAESI Act, 2002, on 07.11.2017. PNB took possession of
…The account of the…
PNB issued notices…