The case pertains to a Company Petition (IB) No. 642 of 2024 filed by Central Bank of India, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks to initiate a Personal Insolvency Resolution Process (CIRP) against Mr. Sumatichand Gouti, the Respondent and Personal Guarantor, due to defaults on a Metal Gold Loan facility extended to Sumati Chand Gouti Jewellers Private Limited, the Corporate Debtor.
Central Bank of India extended a Metal Gold Loan facility to Sumati Chand Gouti Jewellers Private Limited (the Corporate Debtor), where Sumatichand Gouti (the Respondent) is the Director. The facility was a Fund Based Facility (Metal Gold Loan) under the Cent Bullion Scheme for drawing gold for making jewellery for export purposes. The sanctioned amount was Rs. 115 Crores with an interest of 3.5% per month over the base rate. The Corporate Debtor executed several documents to secure the facility, including a Demand Promissory Note, Letter of Hypothecation, and Bullion Agreement, all dated 07.09.2012. The facility was also secured by a personal guarantee from Sumatichand Gouti and a corporate guarantee from Sumati Chand Gouti Jewellers Private Limited. The Corporate
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The Corporate Debtor availed a Metal Gold Loan…
The Facility was first renewed by the…
The case pertains to a Company Petition (IB) No. 642 of 2024 filed by Central Bank of India, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks to initiate a Personal Insolvency Resolution Process (CIRP) against Mr. Sumatichand Gouti, the Respondent and Personal Guarantor, due to defaults on a Metal Gold Loan facility extended to Sumati Chand Gouti Jewellers Private Limited, the Corporate Debtor.
Central Bank of India extended a Metal Gold Loan facility to Sumati Chand Gouti Jewellers Private Limited (the Corporate Debtor), where Sumatichand Gouti (the Respondent) is the Director. The facility was a Fund Based Facility (Metal Gold Loan) under the Cent Bullion Scheme for drawing gold for making jewellery for export purposes. The sanctioned amount was Rs. 115 Crores with an interest of 3.5% per month over the base rate. The Corporate Debtor executed several documents to secure the facility, including a Demand Promissory Note, Letter of Hypothecation, and Bullion Agreement, all dated 07.09.2012. The facility was also secured by a personal guarantee from Sumatichand Gouti and a corporate guarantee from Sumati Chand Gouti Jewellers Private Limited. The Corporate
…The Corporate Debtor availed a Metal Gold Loan…
The Facility was first renewed by the…