Canara Bank, as the Financial Creditor/Applicant, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Nandu Kishinchand Belani, the Personal Guarantor/Respondent, who is also one of the directors of BBT Elevated Road Private Limited (the Corporate Debtor). The application pertains to a debt amounting to Rs. 197,36,12,442.69/-. The Corporate Debtor had approached the applicant seeking various financial facilities, which were extended on 17/01/2015, including a Cash Credit Facility. The Corporate Debtor failed to repay the principal sum and interest as per the agreement, leading to the account being classified as a non-performing asset (NPA) on 31.01.2020.
Canara Bank extended credit facilities to BBT Elevated Road Private Limited on 17/01/2015. Nandu Kishinchand Belani, as a director of BBT Elevated Road Private Limited, provided a personal guarantee on 24/02/2015 to secure the repayment of the debt. BBT Elevated Road Private Limited defaulted on the repayment, leading Canara Bank to classify the account as NPA on 31/01/2020. Canara Bank issued a demand notice to Nandu Kishinchand Belani on 20/10/2023, but received no response. The total debt outstanding is Rs. 197,36,12,442.69/-. Canara Bank then filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Nandu Kishinchand Belani as the personal guarantor.
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Canara Bank extended various Credit…
Nandu Kishinchand Belani executed a personal…
Canara Bank, as the Financial Creditor/Applicant, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Nandu Kishinchand Belani, the Personal Guarantor/Respondent, who is also one of the directors of BBT Elevated Road Private Limited (the Corporate Debtor). The application pertains to a debt amounting to Rs. 197,36,12,442.69/-. The Corporate Debtor had approached the applicant seeking various financial facilities, which were extended on 17/01/2015, including a Cash Credit Facility. The Corporate Debtor failed to repay the principal sum and interest as per the agreement, leading to the account being classified as a non-performing asset (NPA) on 31.01.2020.
Canara Bank extended credit facilities to BBT Elevated Road Private Limited on 17/01/2015. Nandu Kishinchand Belani, as a director of BBT Elevated Road Private Limited, provided a personal guarantee on 24/02/2015 to secure the repayment of the debt. BBT Elevated Road Private Limited defaulted on the repayment, leading Canara Bank to classify the account as NPA on 31/01/2020. Canara Bank issued a demand notice to Nandu Kishinchand Belani on 20/10/2023, but received no response. The total debt outstanding is Rs. 197,36,12,442.69/-. Canara Bank then filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Nandu Kishinchand Belani as the personal guarantor.
Canara Bank extended various Credit…
Nandu Kishinchand Belani executed a personal…