IDBI Bank Limited, the financial creditor (FC), filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, against Sunil Krishna Khaitan, the personal guarantor of M/s Khaitan Electricals Ltd. The FC had advanced loan facilities to M/s Khaitan Electricals Ltd, for which Sunil Krishna Khaitan stood as a personal guarantor. The corporate debtor defaulted on its payments, leading to the initiation of the insolvency resolution process against the personal guarantor.
IDBI Bank Limited (Financial Creditor) extended loan facilities to M/s Khaitan Electricals Ltd (Corporate Debtor), amounting to Rs. 58 crores, as per the sanction letter dated 21.02.2014. Sunil Krishna Khaitan stood as the personal guarantor for these loans. The Corporate Debtor defaulted on repayments, leading to its classification as a Non-Performing Asset (NPA). The Financial Creditor issued a recall notice on 21.07.2017/25.07.2017 to the Corporate Debtor and a guarantee invocation notice on 10.08.2017 to the personal guarantor. A demand notice was also issued on 11.12.2017 under Section 13(2) of the SARFAESI Act, 2002. CIRP was initiated against M/s Khaitan Electricals Limited by Bank of India, and IDBI Bank submitted its claim to the IRP. The Financial Creditor
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IDBI Bank Limited sanctioned loan facilities…
Sunil Krishna Khaitan…
IDBI Bank Limited, the financial creditor (FC), filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, against Sunil Krishna Khaitan, the personal guarantor of M/s Khaitan Electricals Ltd. The FC had advanced loan facilities to M/s Khaitan Electricals Ltd, for which Sunil Krishna Khaitan stood as a personal guarantor. The corporate debtor defaulted on its payments, leading to the initiation of the insolvency resolution process against the personal guarantor.
IDBI Bank Limited (Financial Creditor) extended loan facilities to M/s Khaitan Electricals Ltd (Corporate Debtor), amounting to Rs. 58 crores, as per the sanction letter dated 21.02.2014. Sunil Krishna Khaitan stood as the personal guarantor for these loans. The Corporate Debtor defaulted on repayments, leading to its classification as a Non-Performing Asset (NPA). The Financial Creditor issued a recall notice on 21.07.2017/25.07.2017 to the Corporate Debtor and a guarantee invocation notice on 10.08.2017 to the personal guarantor. A demand notice was also issued on 11.12.2017 under Section 13(2) of the SARFAESI Act, 2002. CIRP was initiated against M/s Khaitan Electricals Limited by Bank of India, and IDBI Bank submitted its claim to the IRP. The Financial Creditor
…IDBI Bank Limited sanctioned loan facilities…
Sunil Krishna Khaitan…