Canara Bank filed CP-IB/791/ND/2022 under Section 95 of the IBC, 2016, against Rajneesh Nagar, the personal guarantor for a loan facility extended to Bulland Buildtech Private Limited (Corporate Debtor). Rajneesh Nagar executed a deed of guarantee to repay the amount payable by the Corporate Debtor to the Financial Creditor. The Resolution Professional (RP) submitted a report recommending the admission of the petition. The Respondent/Personal Guarantor (PG) raised objections, including the validity of the RP's authorization, limitation issues, and the impact of the Corporate Debtor's resolution plan. The Applicant Bank sought replacement of the RP due to suspension by IBBI, which was allowed, and a new RP was appointed.
Canara Bank extended a loan facility to Bulland Buildtech Private Limited, for which Rajneesh Nagar stood as a personal guarantor, executing a deed of guarantee. The Corporate Debtor defaulted, leading Canara Bank to file CP-IB/791/ND/2022 under Section 95 of the IBC, 2016, against Rajneesh Nagar. The total debt including interest and penalties was Rs. 489,452,162.90, with a default amount of Rs. 29,14,98,274.75 as of the NPA date. The date of default occurred on 29.06.2018. A demand notice was issued to Rajneesh Nagar on 18.07.2022. The RP recommended the admission of the petition, but Rajneesh Nagar raised objections, including the validity of the RP's authorization, limitation issues, and the impact of the Corporate Debtor's resolution plan. The Corporate Debtor
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Canara Bank filed CP-IB/791/ND/2022 under Section 95 of the IBC, 2016, against Rajneesh Nagar, the personal guarantor for a loan facility extended to Bulland Buildtech Private Limited (Corporate Debtor). Rajneesh Nagar executed a deed of guarantee to repay the amount payable by the Corporate Debtor to the Financial Creditor. The Resolution Professional (RP) submitted a report recommending the admission of the petition. The Respondent/Personal Guarantor (PG) raised objections, including the validity of the RP's authorization, limitation issues, and the impact of the Corporate Debtor's resolution plan. The Applicant Bank sought replacement of the RP due to suspension by IBBI, which was allowed, and a new RP was appointed.
Canara Bank extended a loan facility to Bulland Buildtech Private Limited, for which Rajneesh Nagar stood as a personal guarantor, executing a deed of guarantee. The Corporate Debtor defaulted, leading Canara Bank to file CP-IB/791/ND/2022 under Section 95 of the IBC, 2016, against Rajneesh Nagar. The total debt including interest and penalties was Rs. 489,452,162.90, with a default amount of Rs. 29,14,98,274.75 as of the NPA date. The date of default occurred on 29.06.2018. A demand notice was issued to Rajneesh Nagar on 18.07.2022. The RP recommended the admission of the petition, but Rajneesh Nagar raised objections, including the validity of the RP's authorization, limitation issues, and the impact of the Corporate Debtor's resolution plan. The Corporate Debtor
…Guarantee Deed executed…
Date on whi…