This case involves an application by Canara Bank, a financial creditor, to initiate the Insolvency Resolution Process against Pramod Kumar Agarwal, a personal guarantor to the corporate debtor, M/s Shree Basant Oils Ltd. The application is filed 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 regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The corporate debtor, M/s Shree Basant Oils Ltd., is under liquidation since 14.12.2021.
Canara Bank, the financial creditor, filed an application to initiate the Insolvency Resolution Process against Pramod Kumar Agarwal, the personal guarantor of M/s Shree Basant Oils Ltd., the corporate debtor. The guarantor executed deeds of guarantee for the facilities entered into between Canara Bank and the corporate debtor. The total maximum debt sanctioned under the working capital facilities was Rs.90 Crore. A default occurred on 25.11.2019 due to non-payment by the personal guarantor. The Applicant Bank issued a statutory Demand Notice dated 23.01.2024. The personal guarantor executed a personal guarantee on 12.09.2016. The Applicant issued a Demand Notice in Form B on 23.01.2024, but no response was received. The counsel representing the personal guarantors
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Pramod Kumar Agarwal…
Default occurre…
This case involves an application by Canara Bank, a financial creditor, to initiate the Insolvency Resolution Process against Pramod Kumar Agarwal, a personal guarantor to the corporate debtor, M/s Shree Basant Oils Ltd. The application is filed 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 regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The corporate debtor, M/s Shree Basant Oils Ltd., is under liquidation since 14.12.2021.
Canara Bank, the financial creditor, filed an application to initiate the Insolvency Resolution Process against Pramod Kumar Agarwal, the personal guarantor of M/s Shree Basant Oils Ltd., the corporate debtor. The guarantor executed deeds of guarantee for the facilities entered into between Canara Bank and the corporate debtor. The total maximum debt sanctioned under the working capital facilities was Rs.90 Crore. A default occurred on 25.11.2019 due to non-payment by the personal guarantor. The Applicant Bank issued a statutory Demand Notice dated 23.01.2024. The personal guarantor executed a personal guarantee on 12.09.2016. The Applicant issued a Demand Notice in Form B on 23.01.2024, but no response was received. The counsel representing the personal guarantors
…Pramod Kumar Agarwal…
Default occurre…