The case involves an application filed by IDBI Bank Ltd. against Mr. Avinash Jain, the personal guarantor of Arise India Limited, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the insolvency resolution process. Mrs. Deepika Bhugra Prasad was appointed as the Resolution Professional (RP) for the personal guarantor and was directed to file a report under Section 99 of the IBC. The RP filed IA No. 3421/ND/2022, recommending the admission of the application. The respondent opposed the admission, claiming the application was barred by limitation.
IDBI Bank Ltd. filed a Company Petition (IB)-222(ND)/2022 against Mr. Avinash Jain, the personal guarantor of Arise India Limited, under Section 95 of the IBC, 2016. The bank sought to initiate the insolvency resolution process (IRP) against the personal guarantor. Mrs. Deepika Bhugra Prasad was appointed as the Resolution Professional (RP). The RP filed IA No. 3421/ND/2022, recommending the admission of the application. The personal guarantee was extended via a Deed of Guarantee executed on 2014-12-11. The outstanding debt amounted to Rs. 208,56,32,144/-. The corporate debtor, Arise India Ltd., defaulted on credit facilities, leading to its account being declared a Non-Performing Asset (NPA) on 2017-01-30. The creditor issued a demand notice on 2021-09-13. The
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The Respondent/Debtor extended Personal…
The account of the…
The case involves an application filed by IDBI Bank Ltd. against Mr. Avinash Jain, the personal guarantor of Arise India Limited, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the insolvency resolution process. Mrs. Deepika Bhugra Prasad was appointed as the Resolution Professional (RP) for the personal guarantor and was directed to file a report under Section 99 of the IBC. The RP filed IA No. 3421/ND/2022, recommending the admission of the application. The respondent opposed the admission, claiming the application was barred by limitation.
IDBI Bank Ltd. filed a Company Petition (IB)-222(ND)/2022 against Mr. Avinash Jain, the personal guarantor of Arise India Limited, under Section 95 of the IBC, 2016. The bank sought to initiate the insolvency resolution process (IRP) against the personal guarantor. Mrs. Deepika Bhugra Prasad was appointed as the Resolution Professional (RP). The RP filed IA No. 3421/ND/2022, recommending the admission of the application. The personal guarantee was extended via a Deed of Guarantee executed on 2014-12-11. The outstanding debt amounted to Rs. 208,56,32,144/-. The corporate debtor, Arise India Ltd., defaulted on credit facilities, leading to its account being declared a Non-Performing Asset (NPA) on 2017-01-30. The creditor issued a demand notice on 2021-09-13. The
…The Respondent/Debtor extended Personal…
The account of the…