The Central Bank of India filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against Mr. Nayan Thakarshi Shah, the personal guarantor of Neptune Developers Limited. The bank had sanctioned a construction loan to Neptune Developers, which was later admitted into CIRP. A loan recall notice and notice invoking guarantees were issued to the personal guarantors when the corporate debtor defaulted.
The Central Bank of India (Petitioner/Financial Creditor) filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Mr. Nayan Thakarshi Shah (Respondent/Personal Guarantor), who is the personal guarantor of M/s. Neptune Developers Limited. The Central Bank of India had sanctioned a construction loan of Rs. 100 Crores out of a total project cost of Rs. 292.44 crores to Neptune Developers Limited. A Deed of Guarantee was executed on 30.03.2013, signed by personal guarantors including Shri Nayan Shah. On 16.07.2021, Neptune Developers Limited was admitted into CIRP. On 16.08.2018, a Loan Recall Notice and Notice Invoking the Guarantees were issued to the personal guarantors, demanding
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The Deed of Guarantee…
Neptune Developers Limited was admitted into…
The Central Bank of India filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against Mr. Nayan Thakarshi Shah, the personal guarantor of Neptune Developers Limited. The bank had sanctioned a construction loan to Neptune Developers, which was later admitted into CIRP. A loan recall notice and notice invoking guarantees were issued to the personal guarantors when the corporate debtor defaulted.
The Central Bank of India (Petitioner/Financial Creditor) filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Mr. Nayan Thakarshi Shah (Respondent/Personal Guarantor), who is the personal guarantor of M/s. Neptune Developers Limited. The Central Bank of India had sanctioned a construction loan of Rs. 100 Crores out of a total project cost of Rs. 292.44 crores to Neptune Developers Limited. A Deed of Guarantee was executed on 30.03.2013, signed by personal guarantors including Shri Nayan Shah. On 16.07.2021, Neptune Developers Limited was admitted into CIRP. On 16.08.2018, a Loan Recall Notice and Notice Invoking the Guarantees were issued to the personal guarantors, demanding
…The Deed of Guarantee…
Neptune Developers Limited was admitted into…