This case involves an application by a creditor, Canara Bank, to initiate the Insolvency Resolution Process against a personal guarantor, Gagan Agarwal, under Section 95 of the Insolvency and Bankruptcy Code, 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, and related regulations. The guarantor had executed deeds of guarantee in respect of facilities extended to the Corporate Debtor, M/s Shree Basant Oils Ltd., for which a maximum debt of Rs.90 Crore was sanctioned. The default occurred on 25.11.2019 due to non-payment by the personal guarantor. A statutory demand notice was issued on 23.01.2024, but no response was received.
Canara Bank filed an application to initiate the Insolvency Resolution Process against Gagan Agarwal, a personal guarantor, under Section 95 of the IBC, 2016. Gagan Agarwal had provided guarantees for facilities extended to M/s Shree Basant Oils Ltd., the Corporate Debtor. The maximum debt sanctioned was Rs.90 Crore. A default occurred on 25.11.2019 due to non-payment by the personal guarantor. Canara Bank issued a statutory demand notice on 23.01.2024, but received no response. Gagan Agarwal executed a personal guarantee on 12.09.2016 to secure the repayment of the facilities. The personal guarantors claimed to have settled dues with other banks and proposed an OTS to Canara Bank, which was deemed unviable by the bank. M/s Shree Basant Oils Ltd. is under liquidation
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Gagan Agarwal executed…
Default occurre…
This case involves an application by a creditor, Canara Bank, to initiate the Insolvency Resolution Process against a personal guarantor, Gagan Agarwal, under Section 95 of the Insolvency and Bankruptcy Code, 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, and related regulations. The guarantor had executed deeds of guarantee in respect of facilities extended to the Corporate Debtor, M/s Shree Basant Oils Ltd., for which a maximum debt of Rs.90 Crore was sanctioned. The default occurred on 25.11.2019 due to non-payment by the personal guarantor. A statutory demand notice was issued on 23.01.2024, but no response was received.
Canara Bank filed an application to initiate the Insolvency Resolution Process against Gagan Agarwal, a personal guarantor, under Section 95 of the IBC, 2016. Gagan Agarwal had provided guarantees for facilities extended to M/s Shree Basant Oils Ltd., the Corporate Debtor. The maximum debt sanctioned was Rs.90 Crore. A default occurred on 25.11.2019 due to non-payment by the personal guarantor. Canara Bank issued a statutory demand notice on 23.01.2024, but received no response. Gagan Agarwal executed a personal guarantee on 12.09.2016 to secure the repayment of the facilities. The personal guarantors claimed to have settled dues with other banks and proposed an OTS to Canara Bank, which was deemed unviable by the bank. M/s Shree Basant Oils Ltd. is under liquidation
…Gagan Agarwal executed…
Default occurre…