The case involves an application filed by HDFC Bank Ltd under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, seeking to initiate the Insolvency Resolution Process against Mr. Himanshu Singh, the personal guarantor to the credit facilities availed by the Corporate Debtor, M/s Kriti Prakashan Pvt. Ltd. HDFC Bank had extended a cash credit facility of Rs. 13 Crores to the Corporate Debtor, secured by hypothecation, equitable mortgage, and cross-collateralization. The Corporate Debtor defaulted, was classified as NPA, and a recall notice was issued. A prior CIRP against the Corporate Debtor initiated by SIDBI was stayed by NCLAT due to a settlement. HDFC Bank filed an objection to the withdrawal
…HDFC Bank Ltd extended a cash credit facility of Rs. 13 Crores to M/s Kriti Prakashan Pvt. Ltd. on 18.07.2018, secured by hypothecation and equitable mortgage. Mr. Himanshu Singh acted as the personal guarantor for this facility, executing a letter of continuing guarantee on 18.07.2018. The Corporate Debtor defaulted on repayments, leading to the account being classified as NPA on 28.09.2019. HDFC Bank issued a recall notice on 03.12.2019, demanding repayment of Rs. 8,63,15,671.18/-. A demand notice under Form-B was served on the Personal Guarantor on 27.08.2022. The Personal Guarantor denied the allegations and requested arbitration on 22.09.2022. A CIRP was initiated against the Corporate Debtor by SIDBI but was stayed by NCLAT due to a settlement. HDFC Bank filed an
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Cash credit facility of…
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The case involves an application filed by HDFC Bank Ltd under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, seeking to initiate the Insolvency Resolution Process against Mr. Himanshu Singh, the personal guarantor to the credit facilities availed by the Corporate Debtor, M/s Kriti Prakashan Pvt. Ltd. HDFC Bank had extended a cash credit facility of Rs. 13 Crores to the Corporate Debtor, secured by hypothecation, equitable mortgage, and cross-collateralization. The Corporate Debtor defaulted, was classified as NPA, and a recall notice was issued. A prior CIRP against the Corporate Debtor initiated by SIDBI was stayed by NCLAT due to a settlement. HDFC Bank filed an objection to the withdrawal
…HDFC Bank Ltd extended a cash credit facility of Rs. 13 Crores to M/s Kriti Prakashan Pvt. Ltd. on 18.07.2018, secured by hypothecation and equitable mortgage. Mr. Himanshu Singh acted as the personal guarantor for this facility, executing a letter of continuing guarantee on 18.07.2018. The Corporate Debtor defaulted on repayments, leading to the account being classified as NPA on 28.09.2019. HDFC Bank issued a recall notice on 03.12.2019, demanding repayment of Rs. 8,63,15,671.18/-. A demand notice under Form-B was served on the Personal Guarantor on 27.08.2022. The Personal Guarantor denied the allegations and requested arbitration on 22.09.2022. A CIRP was initiated against the Corporate Debtor by SIDBI but was stayed by NCLAT due to a settlement. HDFC Bank filed an
…Cash credit facility of…
Personal Guarantor…