The case involves a petition filed by Central Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Salil Anupendra Chaturvedi, the personal guarantor of M/s. Provogue (India) Limited. The Corporate Debtor had availed credit facilities from the Petitioner, which were guaranteed by the Respondent. Upon default by the Corporate Debtor, the Financial Creditor issued a demand notice to the Personal Guarantor, who failed to repay the debt, leading to the filing of the petition.
Central Bank of India, the Financial Creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency resolution process against Salil Anupendra Chaturvedi, the Personal Guarantor of M/s. Provogue (India) Limited, the Corporate Debtor. The Petitioner had sanctioned credit facilities to the Corporate Debtor, including CC/PC/EBD/LC Facility and Non-Fund based working Capital Limit, amounting to Rs. 31.50 Crore and Rs. 12 Crore respectively, which were later revised to Rs. 34 Crore and Rs. 6 Crore. The Respondent, in his personal capacity, guaranteed the repayment of these facilities. The Corporate Debtor defaulted on the repayment, leading to the Loan Account being classified as NPA. The Financial Creditor issued a Demand
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The case involves a petition filed by Central Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Salil Anupendra Chaturvedi, the personal guarantor of M/s. Provogue (India) Limited. The Corporate Debtor had availed credit facilities from the Petitioner, which were guaranteed by the Respondent. Upon default by the Corporate Debtor, the Financial Creditor issued a demand notice to the Personal Guarantor, who failed to repay the debt, leading to the filing of the petition.
Central Bank of India, the Financial Creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency resolution process against Salil Anupendra Chaturvedi, the Personal Guarantor of M/s. Provogue (India) Limited, the Corporate Debtor. The Petitioner had sanctioned credit facilities to the Corporate Debtor, including CC/PC/EBD/LC Facility and Non-Fund based working Capital Limit, amounting to Rs. 31.50 Crore and Rs. 12 Crore respectively, which were later revised to Rs. 34 Crore and Rs. 6 Crore. The Respondent, in his personal capacity, guaranteed the repayment of these facilities. The Corporate Debtor defaulted on the repayment, leading to the Loan Account being classified as NPA. The Financial Creditor issued a Demand
…Petitioner sanctioned CC/PC/EBD/LC Facility to…
Petitioner revised/enhanced the CC/PC/EBD/LC…