The case pertains to a Company Petition filed by Canara Bank under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Ravindra K Mogra, the personal guarantor to Elegant Forge & Equipments Private Limited. Canara Bank had sanctioned term loans to Elegant Forge & Equipments Private Limited, and Mr. Mogra had provided a personal guarantee to secure these loans. The corporate debtor defaulted on its payment obligations, leading to the bank classifying the credit facilities as non-performing assets (NPA). A legal notice was issued to the corporate debtor and the guarantor, followed by a demand notice. The petitioner seeks the appointment of a Resolution Professional.
Canara Bank sanctioned a Term Loan of Rs. 50,00,00,000/- to Elegant Forge & Equipments Private Limited on 05.10.2018. Mr. Ravindra K Mogra provided a deed of personal guarantee dated 02.03.2019 to secure the loan. The loan carried an interest rate of 1 year MCLR+5.30%+TP (0.85) and was to be repaid over 7 years and 5 months. The Corporate Debtor defaulted on its payment obligations, and the credit facilities were classified as NPA on 30.11.2021. A legal notice was issued on 13.04.2022 to the Corporate Debtor and Mr. Ravindra K Mogra. A Demand Notice in Form B was issued on 17.11.2023. The outstanding dues of the Corporate Debtor amounted to Rs. 71,42,72,499.22. Mr. Ravindra K Mogra secured the Term Loan via mortgaging several properties, including flats in Meenaxi
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Canara Bank sanctioned a Term Loan of Rs.…
Mr. Ravindra K Mogra…
The case pertains to a Company Petition filed by Canara Bank under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Ravindra K Mogra, the personal guarantor to Elegant Forge & Equipments Private Limited. Canara Bank had sanctioned term loans to Elegant Forge & Equipments Private Limited, and Mr. Mogra had provided a personal guarantee to secure these loans. The corporate debtor defaulted on its payment obligations, leading to the bank classifying the credit facilities as non-performing assets (NPA). A legal notice was issued to the corporate debtor and the guarantor, followed by a demand notice. The petitioner seeks the appointment of a Resolution Professional.
Canara Bank sanctioned a Term Loan of Rs. 50,00,00,000/- to Elegant Forge & Equipments Private Limited on 05.10.2018. Mr. Ravindra K Mogra provided a deed of personal guarantee dated 02.03.2019 to secure the loan. The loan carried an interest rate of 1 year MCLR+5.30%+TP (0.85) and was to be repaid over 7 years and 5 months. The Corporate Debtor defaulted on its payment obligations, and the credit facilities were classified as NPA on 30.11.2021. A legal notice was issued on 13.04.2022 to the Corporate Debtor and Mr. Ravindra K Mogra. A Demand Notice in Form B was issued on 17.11.2023. The outstanding dues of the Corporate Debtor amounted to Rs. 71,42,72,499.22. Mr. Ravindra K Mogra secured the Term Loan via mortgaging several properties, including flats in Meenaxi
…Canara Bank sanctioned a Term Loan of Rs.…
Mr. Ravindra K Mogra…