The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Mr. Chatra Ram Mahiya, the personal guarantor to M/s PPAgro India Pvt. Ltd. The application seeks to initiate the Insolvency Resolution Process against the personal guarantor. Punjab National Bank, the financial creditor, advanced a loan to the corporate debtor, and upon default, issued a demand notice under Section 13(2) of the SARFAESI Act, 2002. An application under Section 10 of IBC, 2016, has also been filed by the Corporate Debtor itself seeking initiation of Corporate
…Mr. Chatra Ram Mahiya, acting as a personal guarantor for M/s PPAgro India Pvt. Ltd. ('Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. Punjab National Bank ('Financial Creditor') had advanced a loan to the Corporate Debtor. Upon the Corporate Debtor's default, the Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2021-09-28. The applicant failed to fulfill his obligations as a personal guarantor within 60 days of the notice. The amount of default is Rs. 5,25,66,600/-, with the date of default being 2021-03-31. The application was filed on 2022-01-31. An application under Section 10 of IBC, 2016, has also been filed
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The date on which the…
Financial Creditor published a demand notice…
The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Mr. Chatra Ram Mahiya, the personal guarantor to M/s PPAgro India Pvt. Ltd. The application seeks to initiate the Insolvency Resolution Process against the personal guarantor. Punjab National Bank, the financial creditor, advanced a loan to the corporate debtor, and upon default, issued a demand notice under Section 13(2) of the SARFAESI Act, 2002. An application under Section 10 of IBC, 2016, has also been filed by the Corporate Debtor itself seeking initiation of Corporate
…Mr. Chatra Ram Mahiya, acting as a personal guarantor for M/s PPAgro India Pvt. Ltd. ('Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. Punjab National Bank ('Financial Creditor') had advanced a loan to the Corporate Debtor. Upon the Corporate Debtor's default, the Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2021-09-28. The applicant failed to fulfill his obligations as a personal guarantor within 60 days of the notice. The amount of default is Rs. 5,25,66,600/-, with the date of default being 2021-03-31. The application was filed on 2022-01-31. An application under Section 10 of IBC, 2016, has also been filed
…The date on which the…
Financial Creditor published a demand notice…