The case involves applications filed by Dhanlaxmi Bank Limited under Section 95(1) 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, against Mr. Anil Sebastain, Mr. Dinesh Kumar, Mr. Aby P Raj, and Mr. Anil P Raj, who are personal guarantors of the Corporate Debtor, Dianby Retailors Pvt Ltd, for initiating Insolvency Resolution Process. The Corporate Debtor had availed cash credit facilities from the Financial Creditor. As security for the loan, the directors of the CD mortgaged their personal properties.
Dhanlaxmi Bank Limited filed applications under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Anil Sebastain, Mr. Dinesh Kumar, Mr. Aby P Raj, and Mr. Anil P Raj, who are personal guarantors of Dianby Retailors Pvt Ltd. Dianby Retailors Pvt Ltd availed cash credit facilities from Dhanlaxmi Bank. The initial facility was Rs. 40,00,000, sanctioned on 25.06.2010, for running a retail showroom. The CD executed a cash credit agreement, general hypothecation agreement, and demand promissory note dated 30.06.2010. As security, Mr. Aby P Raj and Mr. Anil P Raj mortgaged their personal properties via a memorandum of deposit of title deeds dated 01.07.2010. Subsequently, an additional cash credit facility was granted on 02.08.2013, increasing the loan
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Dhanlaxmi Bank sanctioned a cash credit facility…
CD executed Cash credit agreement, General…
The case involves applications filed by Dhanlaxmi Bank Limited under Section 95(1) 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, against Mr. Anil Sebastain, Mr. Dinesh Kumar, Mr. Aby P Raj, and Mr. Anil P Raj, who are personal guarantors of the Corporate Debtor, Dianby Retailors Pvt Ltd, for initiating Insolvency Resolution Process. The Corporate Debtor had availed cash credit facilities from the Financial Creditor. As security for the loan, the directors of the CD mortgaged their personal properties.
Dhanlaxmi Bank Limited filed applications under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Anil Sebastain, Mr. Dinesh Kumar, Mr. Aby P Raj, and Mr. Anil P Raj, who are personal guarantors of Dianby Retailors Pvt Ltd. Dianby Retailors Pvt Ltd availed cash credit facilities from Dhanlaxmi Bank. The initial facility was Rs. 40,00,000, sanctioned on 25.06.2010, for running a retail showroom. The CD executed a cash credit agreement, general hypothecation agreement, and demand promissory note dated 30.06.2010. As security, Mr. Aby P Raj and Mr. Anil P Raj mortgaged their personal properties via a memorandum of deposit of title deeds dated 01.07.2010. Subsequently, an additional cash credit facility was granted on 02.08.2013, increasing the loan
…Dhanlaxmi Bank sanctioned a cash credit facility…
CD executed Cash credit agreement, General…