The case pertains to an application filed by Canara Bank, ARM branch, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the insolvency resolution process against Mr. Rohit Shantilal Shah, the personal guarantor to Woodman Trading Co. Pvt. Ltd., for a default amount of Rs. 3,85,69,680.95. The corporate debtor, Woodman Trading Co. Pvt. Ltd., had availed loan facilities from Canara Bank, which were approved in 2002. Mr. Shah, being the director and personal guarantor, executed various loan documents. The loan account was classified as NPA on 30.03.2021. Canara
…M/s. Woodman Trading Co. Pvt. Ltd., the principal borrower, applied for a loan from Canara Bank, which was approved on 28.12.2002. Mr. Rohit Shantilal Shah was the Director and Personal Guarantor of the Corporate Debtor. He executed a Deed of Guarantee and other loan documents on 18.02.2015. The Corporate Debtor and Respondent executed a Revival letter on 28.12.2018 for total Credit Facilities of Rs. 7.50 Crores. The Corporate Debtor failed to maintain financial discipline, leading to the loan account becoming irregular. The loan account was classified as NPA on 30.03.2021. Canara Bank issued a demand notice to Mr. Shah on 11.05.2023, requesting payment of the outstanding debt of Rs. 3,85,69,680.95. Mr. Shah did not respond to the demand notice. Canara Bank filed a
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Canara Bank approved…
Mr. Rohit Shantilal…
The case pertains to an application filed by Canara Bank, ARM branch, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the insolvency resolution process against Mr. Rohit Shantilal Shah, the personal guarantor to Woodman Trading Co. Pvt. Ltd., for a default amount of Rs. 3,85,69,680.95. The corporate debtor, Woodman Trading Co. Pvt. Ltd., had availed loan facilities from Canara Bank, which were approved in 2002. Mr. Shah, being the director and personal guarantor, executed various loan documents. The loan account was classified as NPA on 30.03.2021. Canara
…M/s. Woodman Trading Co. Pvt. Ltd., the principal borrower, applied for a loan from Canara Bank, which was approved on 28.12.2002. Mr. Rohit Shantilal Shah was the Director and Personal Guarantor of the Corporate Debtor. He executed a Deed of Guarantee and other loan documents on 18.02.2015. The Corporate Debtor and Respondent executed a Revival letter on 28.12.2018 for total Credit Facilities of Rs. 7.50 Crores. The Corporate Debtor failed to maintain financial discipline, leading to the loan account becoming irregular. The loan account was classified as NPA on 30.03.2021. Canara Bank issued a demand notice to Mr. Shah on 11.05.2023, requesting payment of the outstanding debt of Rs. 3,85,69,680.95. Mr. Shah did not respond to the demand notice. Canara Bank filed a
…Canara Bank approved…
Mr. Rohit Shantilal…