The Central Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Shri Amit Kumar Modi, the personal guarantor to M/s Kut Energy Private Limited, seeking initiation of the Insolvency Resolution Process. The Resolution Professional (RP) submitted a report recommending the admission of the petition. The creditor had extended credit facilities to M/s Kut Energy Pvt. Ltd., which were guaranteed by Amit Kumar Modi. The creditor invoked the guarantees and issued a demand notice for the outstanding amount.
The Central Bank of India, acting through a Resolution Professional, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Shri Amit Kumar Modi, who is the personal guarantor for credit facilities extended by the bank to M/s Kut Energy Private Limited. The bank had entered into guarantee agreements with Amit Kumar Modi on multiple dates between 2009 and 2015. The bank invoked these guarantees after M/s Kut Energy Private Limited defaulted on its payments and issued a notice dated 01.04.2017 under Section 13(2) of the SARFAESI Act, 2002. A demand notice was served to the personal guarantor on 07.10.2020, demanding payment of Rs. 102,31,26,013.89/-, but no payment was made. The Resolution Professional, after examining the application and
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Guarantee Agreement…
Guarantee Agreement…
The Central Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Shri Amit Kumar Modi, the personal guarantor to M/s Kut Energy Private Limited, seeking initiation of the Insolvency Resolution Process. The Resolution Professional (RP) submitted a report recommending the admission of the petition. The creditor had extended credit facilities to M/s Kut Energy Pvt. Ltd., which were guaranteed by Amit Kumar Modi. The creditor invoked the guarantees and issued a demand notice for the outstanding amount.
The Central Bank of India, acting through a Resolution Professional, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Shri Amit Kumar Modi, who is the personal guarantor for credit facilities extended by the bank to M/s Kut Energy Private Limited. The bank had entered into guarantee agreements with Amit Kumar Modi on multiple dates between 2009 and 2015. The bank invoked these guarantees after M/s Kut Energy Private Limited defaulted on its payments and issued a notice dated 01.04.2017 under Section 13(2) of the SARFAESI Act, 2002. A demand notice was served to the personal guarantor on 07.10.2020, demanding payment of Rs. 102,31,26,013.89/-, but no payment was made. The Resolution Professional, after examining the application and
…Guarantee Agreement…
Guarantee Agreement…