This case involves an application filed by HDFC Bank Limited under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Personal Guarantor's Insolvency Resolution Process (PGIRP) against Mrs. Neelam Chandra Parkash, who furnished a personal guarantee for credit facilities extended to Esskay Motors Pvt Ltd (the Corporate Debtor). The application stems from defaults in repayment of debt by the Corporate Debtor, leading to the invocation of the personal guarantee. The Resolution Professional's report recommended admitting the Respondent-Personal Guarantor into PGIRP.
HDFC Bank Limited granted credit facilities to Esskay Motors Pvt Ltd (Corporate Debtor) vide sanction letter dated 23.05.2014. Mrs. Neelam Chandra Parkash furnished a personal guarantee for these facilities. The Corporate Debtor defaulted in repayment, leading HDFC Bank to invoke the personal guarantee via a letter dated 04.05.2016. A settlement agreement was executed on 10.03.2017 between the Creditor, Corporate Debtor, and Guarantors, including Mrs. Parkash, but the Corporate Debtor continued to default. A cheque issued by the Corporate Debtor on 24.03.2017 was dishonored. HDFC Bank issued a demand notice to Mrs. Parkash on 09.01.2020, to which she replied on 20.01.2020. The Corporate Debtor was admitted into liquidation under Section 33(1) of the Code on 08.01.2018.
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HDFC Bank granted…
Loan Agreement executed…
This case involves an application filed by HDFC Bank Limited under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Personal Guarantor's Insolvency Resolution Process (PGIRP) against Mrs. Neelam Chandra Parkash, who furnished a personal guarantee for credit facilities extended to Esskay Motors Pvt Ltd (the Corporate Debtor). The application stems from defaults in repayment of debt by the Corporate Debtor, leading to the invocation of the personal guarantee. The Resolution Professional's report recommended admitting the Respondent-Personal Guarantor into PGIRP.
HDFC Bank Limited granted credit facilities to Esskay Motors Pvt Ltd (Corporate Debtor) vide sanction letter dated 23.05.2014. Mrs. Neelam Chandra Parkash furnished a personal guarantee for these facilities. The Corporate Debtor defaulted in repayment, leading HDFC Bank to invoke the personal guarantee via a letter dated 04.05.2016. A settlement agreement was executed on 10.03.2017 between the Creditor, Corporate Debtor, and Guarantors, including Mrs. Parkash, but the Corporate Debtor continued to default. A cheque issued by the Corporate Debtor on 24.03.2017 was dishonored. HDFC Bank issued a demand notice to Mrs. Parkash on 09.01.2020, to which she replied on 20.01.2020. The Corporate Debtor was admitted into liquidation under Section 33(1) of the Code on 08.01.2018.
…HDFC Bank granted…
Loan Agreement executed…