ICICI Bank Limited filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process (IRP) against Prashant Bothra, the Personal Guarantor of Kohinoor Paper and Newsprint Private Limited (KPNPL). The petitioner had extended various loan facilities to KPNPL, which were restructured over time. The Deed of Guarantees were executed on March 30, 2015. KPNPL and the Personal Guarantor defaulted on payments as per the Facility Agreement. The default of KPNPL was adjudicated on June 18, 2019. KPNPL was admitted into Corporate Insolvency Resolution Process (CIRP) on September 26, 2019. The Personal Guarantor had executed two personal guarantees in favor of ICICI Bank Limited to secure the loan facility given to
…ICICI Bank Limited extended loan facilities to Kohinoor Paper and Newsprint Private Limited (KPNPL), with Prashant Bothra acting as the Personal Guarantor. The loan facilities were restructured over time, and Deeds of Guarantee were executed on March 30, 2015. Both KPNPL and Prashant Bothra defaulted on payments as per the Facility Agreement, amounting to Rs.34,30,33,697.19. KPNPL's default was adjudicated on June 18, 2019, and KPNPL was admitted into Corporate Insolvency Resolution Process (CIRP) on September 26, 2019. Prashant Bothra had executed two personal guarantees in favor of ICICI Bank Limited to secure the loan facility. ICICI Bank issued a demand notice to Prashant Bothra on March 18, 2021, but received no reply. The Resolution Professional (RP) also
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The Petitioner had given various loan…
The Deed of Guarantees were executed on 30…
ICICI Bank Limited filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process (IRP) against Prashant Bothra, the Personal Guarantor of Kohinoor Paper and Newsprint Private Limited (KPNPL). The petitioner had extended various loan facilities to KPNPL, which were restructured over time. The Deed of Guarantees were executed on March 30, 2015. KPNPL and the Personal Guarantor defaulted on payments as per the Facility Agreement. The default of KPNPL was adjudicated on June 18, 2019. KPNPL was admitted into Corporate Insolvency Resolution Process (CIRP) on September 26, 2019. The Personal Guarantor had executed two personal guarantees in favor of ICICI Bank Limited to secure the loan facility given to
…ICICI Bank Limited extended loan facilities to Kohinoor Paper and Newsprint Private Limited (KPNPL), with Prashant Bothra acting as the Personal Guarantor. The loan facilities were restructured over time, and Deeds of Guarantee were executed on March 30, 2015. Both KPNPL and Prashant Bothra defaulted on payments as per the Facility Agreement, amounting to Rs.34,30,33,697.19. KPNPL's default was adjudicated on June 18, 2019, and KPNPL was admitted into Corporate Insolvency Resolution Process (CIRP) on September 26, 2019. Prashant Bothra had executed two personal guarantees in favor of ICICI Bank Limited to secure the loan facility. ICICI Bank issued a demand notice to Prashant Bothra on March 18, 2021, but received no reply. The Resolution Professional (RP) also
…The Petitioner had given various loan…
The Deed of Guarantees were executed on 30…