The case pertains to a company petition filed by Canara Bank [Stressed Asset Management Branch] under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Jayshree M. Limbani, who is a personal guarantor to the corporate debtor, Elegant Forge & Equipments Private Limited. Canara Bank had sanctioned a term loan of Rs. 50,00,00,000/- to the corporate debtor, and Jayshree M. Limbani provided a deed of personal guarantee dated 02.03.2019. The corporate debtor defaulted on its payment obligations, leading to the bank classifying the credit facilities as a non-performing asset (NPA) on 30.11.2021. A legal notice was issued to the corporate debtor and the guarantor, and a demand notice in form-B was
…Canara Bank sanctioned a term loan of Rs. 50,00,00,000/- to Elegant Forge & Equipments Private Limited on 05th October 2018. Jayshree M. Limbani provided a deed of personal guarantee dated 02.03.2019 to secure the loan. The corporate debtor defaulted on its payment obligations, leading to the classification of the credit facilities as a non-performing asset (NPA) on 30.11.2021. Jayshree M. Limbani secured the Term Loan via mortgaging Flat No. 804 and 904, 8th Floor & 9th Floor B wing Zeerawali Residency. A legal notice was issued to the corporate debtor and the guarantor, and a demand notice in form-B was issued to the guarantor on 17.11.2023. As of 17.11.2023, a sum of Rs. 71,42,72,499.22/- was outstanding. The payment obligation arises out of a Deed of
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Canara Bank sanctioned a term loan of Rs.…
Jayshree M. Limbani…
The case pertains to a company petition filed by Canara Bank [Stressed Asset Management Branch] under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Jayshree M. Limbani, who is a personal guarantor to the corporate debtor, Elegant Forge & Equipments Private Limited. Canara Bank had sanctioned a term loan of Rs. 50,00,00,000/- to the corporate debtor, and Jayshree M. Limbani provided a deed of personal guarantee dated 02.03.2019. The corporate debtor defaulted on its payment obligations, leading to the bank classifying the credit facilities as a non-performing asset (NPA) on 30.11.2021. A legal notice was issued to the corporate debtor and the guarantor, and a demand notice in form-B was
…Canara Bank sanctioned a term loan of Rs. 50,00,00,000/- to Elegant Forge & Equipments Private Limited on 05th October 2018. Jayshree M. Limbani provided a deed of personal guarantee dated 02.03.2019 to secure the loan. The corporate debtor defaulted on its payment obligations, leading to the classification of the credit facilities as a non-performing asset (NPA) on 30.11.2021. Jayshree M. Limbani secured the Term Loan via mortgaging Flat No. 804 and 904, 8th Floor & 9th Floor B wing Zeerawali Residency. A legal notice was issued to the corporate debtor and the guarantor, and a demand notice in form-B was issued to the guarantor on 17.11.2023. As of 17.11.2023, a sum of Rs. 71,42,72,499.22/- was outstanding. The payment obligation arises out of a Deed of
…Canara Bank sanctioned a term loan of Rs.…
Jayshree M. Limbani…