The case pertains to an application filed by Central Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Manoj Uttam Khushalani, the personal guarantor of M/s. Worldstar Fabrics LLP. The Corporate Debtor, Worldstar Fabrics LLP, had availed cash credit facilities and working capital limits from Central Bank of India, secured by a Deed of Guarantee executed by Mr. Khushalani and another individual. CIRP against the Corporate Debtor had already been initiated. The bank issued a demand notice to the personal guarantor for the unpaid debt.
Central Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Manoj Uttam Khushalani, the personal guarantor of M/s. Worldstar Fabrics LLP. The bank had sanctioned cash credit facilities and working capital limits to Worldstar Fabrics LLP, amounting to Rs. 25.00 Crores, which was later reduced to Rs. 18.00 Crores. This was secured by a Deed of Guarantee dated 20.01.2017, executed by Mr. Manoj Uttam Khushalani and Mr. Urvil Akshaya Jani. CIRP against Worldstar Fabrics LLP had already been initiated on 28.08.2018. The bank sent a demand notice in Form B dated 09.12.2020 to the personal guarantors for the unpaid debt of Rs. 26,56,72,470/-. The petitioner argued that the demand
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Central Bank of India sanctioned Cash Credit…
Central Bank of India…
The case pertains to an application filed by Central Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Manoj Uttam Khushalani, the personal guarantor of M/s. Worldstar Fabrics LLP. The Corporate Debtor, Worldstar Fabrics LLP, had availed cash credit facilities and working capital limits from Central Bank of India, secured by a Deed of Guarantee executed by Mr. Khushalani and another individual. CIRP against the Corporate Debtor had already been initiated. The bank issued a demand notice to the personal guarantor for the unpaid debt.
Central Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Manoj Uttam Khushalani, the personal guarantor of M/s. Worldstar Fabrics LLP. The bank had sanctioned cash credit facilities and working capital limits to Worldstar Fabrics LLP, amounting to Rs. 25.00 Crores, which was later reduced to Rs. 18.00 Crores. This was secured by a Deed of Guarantee dated 20.01.2017, executed by Mr. Manoj Uttam Khushalani and Mr. Urvil Akshaya Jani. CIRP against Worldstar Fabrics LLP had already been initiated on 28.08.2018. The bank sent a demand notice in Form B dated 09.12.2020 to the personal guarantors for the unpaid debt of Rs. 26,56,72,470/-. The petitioner argued that the demand
…Central Bank of India sanctioned Cash Credit…
Central Bank of India…