The Central Bank of India, acting as the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Smt. Aarti Agarwal, the Personal Guarantor of M/s Rajvir Industries Ltd. The Financial Creditor had sanctioned Rs. 20 crores to the Corporate Debtor in 2009, which was to be repaid by July 2014. Due to the Corporate Debtor's inability to repay, the payment schedule was modified in 2013. Aarti Agarwal stood as a guarantor to secure the repayment. The Corporate Debtor defaulted despite
…Central Bank of India sanctioned a term loan of Rs. 20 crores to Rajvir Industries Ltd. in 2009, to be repaid by July 2014. Aarti Agarwal stood as a personal guarantor for the loan. The loan repayment schedule was modified on 11.02.2013 due to the Corporate Debtor's inability to repay. The Corporate Debtor defaulted, leading to the account being classified as NPA on 29.06.2018. The outstanding amount in default is Rs. 7,29,36,344.03. The Financial Creditor invoked the personal guarantee and initiated proceedings under the SARFAESI Act, filing OA No. 76 of 2020 before the Debt Recovery Tribunal-II Hyderabad. A company petition under Section 7 of the Code was also filed and admitted on 26.04.2021. The Financial Creditor issued demand notices to the Personal Guarantor,
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Central Bank of India…
The payment schedule was modified due to the…
The Central Bank of India, acting as the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Smt. Aarti Agarwal, the Personal Guarantor of M/s Rajvir Industries Ltd. The Financial Creditor had sanctioned Rs. 20 crores to the Corporate Debtor in 2009, which was to be repaid by July 2014. Due to the Corporate Debtor's inability to repay, the payment schedule was modified in 2013. Aarti Agarwal stood as a guarantor to secure the repayment. The Corporate Debtor defaulted despite
…Central Bank of India sanctioned a term loan of Rs. 20 crores to Rajvir Industries Ltd. in 2009, to be repaid by July 2014. Aarti Agarwal stood as a personal guarantor for the loan. The loan repayment schedule was modified on 11.02.2013 due to the Corporate Debtor's inability to repay. The Corporate Debtor defaulted, leading to the account being classified as NPA on 29.06.2018. The outstanding amount in default is Rs. 7,29,36,344.03. The Financial Creditor invoked the personal guarantee and initiated proceedings under the SARFAESI Act, filing OA No. 76 of 2020 before the Debt Recovery Tribunal-II Hyderabad. A company petition under Section 7 of the Code was also filed and admitted on 26.04.2021. The Financial Creditor issued demand notices to the Personal Guarantor,
…Central Bank of India…
The payment schedule was modified due to the…