The case involves an Interlocutory Application filed by the Resolution Professional against Axis Bank Pvt Ltd and M/s BMW India Financial Services Private Limited, seeking directions to deposit proceeds received during the CIRP proceedings from the Suspended Directors, Erstwhile Directors & Personal Guarantors towards the settlement of Loan Account & discharge of liabilities. The Respondent No. 1 had granted an auto loan facility to the Corporate Debtor based on security documents. The application seeks recovery of money from the Personal Guarantors of the Corporate Debtor by way of One Time Settlement.
The Resolution Professional filed an Interlocutory Application against Axis Bank Pvt Ltd and M/s BMW India Financial Services Private Limited, seeking directions for the respondents to deposit proceeds received during the CIRP proceedings. These proceeds originated from the Suspended Directors, Erstwhile Directors, and Personal Guarantors, intended for the settlement of a Loan Account and discharge of liabilities. Respondent No. 1 had provided an auto loan to the Corporate Debtor, secured by documents executed between Respondent No. 1 and the Corporate Debtor. The application aimed to recover money from the Personal Guarantors through a One Time Settlement. The court acknowledged that the funds in question originated from the Personal Guarantors and did not belong to
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The case involves an Interlocutory Application filed by the Resolution Professional against Axis Bank Pvt Ltd and M/s BMW India Financial Services Private Limited, seeking directions to deposit proceeds received during the CIRP proceedings from the Suspended Directors, Erstwhile Directors & Personal Guarantors towards the settlement of Loan Account & discharge of liabilities. The Respondent No. 1 had granted an auto loan facility to the Corporate Debtor based on security documents. The application seeks recovery of money from the Personal Guarantors of the Corporate Debtor by way of One Time Settlement.
The Resolution Professional filed an Interlocutory Application against Axis Bank Pvt Ltd and M/s BMW India Financial Services Private Limited, seeking directions for the respondents to deposit proceeds received during the CIRP proceedings. These proceeds originated from the Suspended Directors, Erstwhile Directors, and Personal Guarantors, intended for the settlement of a Loan Account and discharge of liabilities. Respondent No. 1 had provided an auto loan to the Corporate Debtor, secured by documents executed between Respondent No. 1 and the Corporate Debtor. The application aimed to recover money from the Personal Guarantors through a One Time Settlement. The court acknowledged that the funds in question originated from the Personal Guarantors and did not belong to
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