Canara Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Manilal Harji Limbani, the personal guarantor, for a term loan of Rs. 50 Crores sanctioned to Elegant Forge & Equipments Private Limited. The corporate debtor defaulted on its payment obligations, leading to the invocation of the personal guarantee.
Canara Bank sanctioned a term loan of Rs. 50 Crores to Elegant Forge & Equipments Private Limited on October 5, 2018. Mr. Manilal Harji Limbani provided a personal guarantee dated February 3, 2019, for the loan. The corporate debtor defaulted on its payment obligations, and the account was classified as NPA on November 30, 2021. Canara Bank issued a legal notice on April 13, 2022, to the corporate debtor and Mr. Limbani, followed by a demand notice in Form-B on November 17, 2023. As of November 17, 2023, a sum of Rs. 71,42,72,499.22/- was due. Mr. Limbani secured the term loan by mortgaging two flats. The bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Limbani as the
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Canara Bank sanctioned a term loan of Rs. 50…
Mr. Manilal Harji…
Canara Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Manilal Harji Limbani, the personal guarantor, for a term loan of Rs. 50 Crores sanctioned to Elegant Forge & Equipments Private Limited. The corporate debtor defaulted on its payment obligations, leading to the invocation of the personal guarantee.
Canara Bank sanctioned a term loan of Rs. 50 Crores to Elegant Forge & Equipments Private Limited on October 5, 2018. Mr. Manilal Harji Limbani provided a personal guarantee dated February 3, 2019, for the loan. The corporate debtor defaulted on its payment obligations, and the account was classified as NPA on November 30, 2021. Canara Bank issued a legal notice on April 13, 2022, to the corporate debtor and Mr. Limbani, followed by a demand notice in Form-B on November 17, 2023. As of November 17, 2023, a sum of Rs. 71,42,72,499.22/- was due. Mr. Limbani secured the term loan by mortgaging two flats. The bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Limbani as the
…Canara Bank sanctioned a term loan of Rs. 50…
Mr. Manilal Harji…