Canara Bank, as the Applicant, initiated proceedings against the Corporate Debtor, Bulland Buildtech Pvt. Ltd., for loan facilities availed. The loan, sanctioned on 2016-07-01, amounted to Rs. 37.80 Crores for a residential complex project. The Corporate Debtor and its guarantors, including Krishan Pal Singh, executed a guarantee deed on 2016-08-08. Due to the Principal Borrower's failure to repay, the account was declared a Non-Performing Asset on 2018-06-29. Subsequently, SARFAESI proceedings were initiated against the personal guarantors, including Krishan Pal Singh. Canara Bank initiated CIRP against the Corporate Debtor, which was admitted on 2021-03-22. The applicant issued a demand notice to the respondent on 2022-07-18, seeking payment of Rs. 48,81,28,128.03/-.

Canara Bank, as the Applicant, initiated proceedings against the Corporate Debtor, Bulland Buildtech Pvt. Ltd., for loan facilities availed. The loan, sanctioned on 2016-07-01, amounted to Rs. 37.80 Crores for a residential complex project. The Corporate Debtor and its guarantors, including Krishan Pal Singh, executed a guarantee deed on 2016-08-08. Due to the Principal Borrower's failure to repay, the account was declared a Non-Performing Asset on 2018-06-29. Subsequently, SARFAESI proceedings were initiated against the personal guarantors, including Krishan Pal Singh. Canara Bank initiated CIRP against the Corporate Debtor, which was admitted on 2021-03-22. The applicant issued a demand notice to the respondent on 2022-07-18, seeking payment of Rs. 48,81,28,128.03/-.