Central Bank of India filed a petition 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 Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Ushabai Agarwal, the personal guarantor of Rajvir Industries Ltd. The bank, along with other lenders, had sanctioned credit facilities to the Corporate Debtor, including a term loan of Rs. 20 crores in 2009, which was to be repaid by July 2014. Due to the Corporate Debtor's inability to repay, the payment schedule was modified in 2013. The Corporate Debtor's account was classified as NPA in 2018, and the personal guarantee was
…Central Bank of India (Financial Creditor) sanctioned credit facilities, including a term loan of Rs. 20 crores in 2009, to Rajvir Industries Ltd (Corporate Debtor), which was to be repaid by July 2014. Ushabai Agarwal stood as a personal guarantor for the Corporate Debtor. The Corporate Debtor defaulted on the loan, leading to restructuring of the payment schedule. The account was classified as NPA on 29.06.2018. The Financial Creditor invoked the personal guarantee. The outstanding amount in default is Rs. 7,29,36,344.03. The Financial Creditor initiated proceedings under SARFAESI Act, 2002, vide OA No. 76 of 2020 before the Debt Recovery Tribunal-II Hyderabad. The Financial Creditor also filed a company petition under Section 7 of the Code against the Corporate
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Central Bank of India…
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Central Bank of India filed a petition 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 Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Ushabai Agarwal, the personal guarantor of Rajvir Industries Ltd. The bank, along with other lenders, had sanctioned credit facilities to the Corporate Debtor, including a term loan of Rs. 20 crores in 2009, which was to be repaid by July 2014. Due to the Corporate Debtor's inability to repay, the payment schedule was modified in 2013. The Corporate Debtor's account was classified as NPA in 2018, and the personal guarantee was
…Central Bank of India (Financial Creditor) sanctioned credit facilities, including a term loan of Rs. 20 crores in 2009, to Rajvir Industries Ltd (Corporate Debtor), which was to be repaid by July 2014. Ushabai Agarwal stood as a personal guarantor for the Corporate Debtor. The Corporate Debtor defaulted on the loan, leading to restructuring of the payment schedule. The account was classified as NPA on 29.06.2018. The Financial Creditor invoked the personal guarantee. The outstanding amount in default is Rs. 7,29,36,344.03. The Financial Creditor initiated proceedings under SARFAESI Act, 2002, vide OA No. 76 of 2020 before the Debt Recovery Tribunal-II Hyderabad. The Financial Creditor also filed a company petition under Section 7 of the Code against the Corporate
…Central Bank of India…
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