The case involves an application filed by Yes Bank Ltd. under Section 95 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the Insolvency Resolution Process against Mr. Mahendra Kumar Jajoo, who is the Director and Personal Guarantor of the Corporate Debtor, Emkay Automobiles Industries Limited. The Corporate Debtor had approached Yes Bank in October 2018 for various credit facilities, which were sanctioned and renewed over time. These facilities included a Cash Credit Facility, a Term Loan Facility, and FITL-TL and FITL-CC facilities. To secure these facilities, Mr. Jajoo provided an unconditional and irrevocable personal guarantee. The Corporate Debtor defaulted on payments, leading to its account being classified as a Non-Performing Asset
…In October 2018, Emkay Automobiles Industries Limited (the Corporate Debtor) approached Yes Bank Ltd. (the Applicant) for credit facilities. Yes Bank sanctioned and renewed these facilities over time, including a Cash Credit Facility of Rs. 24,00,00,000.00, a Term Loan Facility of Rs. 15,00,00,000/-, and FITL-TL and FITL-CC facilities of Rs 47,81,387.72/- and Rs. 63,23,911/-. Mahendra Kumar Jajoo, the Director of the Corporate Debtor, provided an unconditional and irrevocable personal guarantee to secure these facilities. The Corporate Debtor defaulted on payments, leading to its account being classified as a Non-Performing Asset (NPA) on 29.12.2020. Yes Bank issued a Demand cum Guarantee Invocation Notice on 06.01.2021 and a Loan Recall cum Guarantee Invocation Notice
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Emkay Automobiles…
Facility Letter dated 26.10.2018 (renewed vide…
The case involves an application filed by Yes Bank Ltd. under Section 95 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the Insolvency Resolution Process against Mr. Mahendra Kumar Jajoo, who is the Director and Personal Guarantor of the Corporate Debtor, Emkay Automobiles Industries Limited. The Corporate Debtor had approached Yes Bank in October 2018 for various credit facilities, which were sanctioned and renewed over time. These facilities included a Cash Credit Facility, a Term Loan Facility, and FITL-TL and FITL-CC facilities. To secure these facilities, Mr. Jajoo provided an unconditional and irrevocable personal guarantee. The Corporate Debtor defaulted on payments, leading to its account being classified as a Non-Performing Asset
…In October 2018, Emkay Automobiles Industries Limited (the Corporate Debtor) approached Yes Bank Ltd. (the Applicant) for credit facilities. Yes Bank sanctioned and renewed these facilities over time, including a Cash Credit Facility of Rs. 24,00,00,000.00, a Term Loan Facility of Rs. 15,00,00,000/-, and FITL-TL and FITL-CC facilities of Rs 47,81,387.72/- and Rs. 63,23,911/-. Mahendra Kumar Jajoo, the Director of the Corporate Debtor, provided an unconditional and irrevocable personal guarantee to secure these facilities. The Corporate Debtor defaulted on payments, leading to its account being classified as a Non-Performing Asset (NPA) on 29.12.2020. Yes Bank issued a Demand cum Guarantee Invocation Notice on 06.01.2021 and a Loan Recall cum Guarantee Invocation Notice
…Emkay Automobiles…
Facility Letter dated 26.10.2018 (renewed vide…