Yes Bank Ltd. filed a petition under Section 95 of the Insolvency & Bankruptcy Code, 2016, seeking 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 credit facilities, which were sanctioned and renewed. These facilities included a Cash Credit Facility, a Term Loan Facility, and FITL-TL and FITL-CC facilities. To secure these facilities, Mr. Jajoo executed Unconditional and Irrevocable Deeds of Guarantee. The Corporate Debtor defaulted on payments, leading to its account being classified as a Non-Performing Asset on 2020-12-29. Yes Bank issued a Demand cum Guarantee
…Yes Bank Ltd. extended credit facilities to Emkay Automobiles Industries Limited, with Mahendra Kumar Jajoo acting as the personal guarantor. The facilities included 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/-. These were secured by personal guarantees from Mahendra Kumar Jajoo and charges on the Corporate Debtor's assets. The Corporate Debtor defaulted on payments, leading to its account being classified as NPA on 2020-12-29. Yes Bank issued demand notices and invoked the guarantees. The Corporate Debtor's shareholding structure changed, and the Corporate Debtor requested a No-Objection Certificate from Yes Bank to repay the loan, which was
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Emkay Automobiles…
Facility Letter dated 26.10.2018 (renewed vide…
Yes Bank Ltd. filed a petition under Section 95 of the Insolvency & Bankruptcy Code, 2016, seeking 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 credit facilities, which were sanctioned and renewed. These facilities included a Cash Credit Facility, a Term Loan Facility, and FITL-TL and FITL-CC facilities. To secure these facilities, Mr. Jajoo executed Unconditional and Irrevocable Deeds of Guarantee. The Corporate Debtor defaulted on payments, leading to its account being classified as a Non-Performing Asset on 2020-12-29. Yes Bank issued a Demand cum Guarantee
…Yes Bank Ltd. extended credit facilities to Emkay Automobiles Industries Limited, with Mahendra Kumar Jajoo acting as the personal guarantor. The facilities included 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/-. These were secured by personal guarantees from Mahendra Kumar Jajoo and charges on the Corporate Debtor's assets. The Corporate Debtor defaulted on payments, leading to its account being classified as NPA on 2020-12-29. Yes Bank issued demand notices and invoked the guarantees. The Corporate Debtor's shareholding structure changed, and the Corporate Debtor requested a No-Objection Certificate from Yes Bank to repay the loan, which was
…Emkay Automobiles…
Facility Letter dated 26.10.2018 (renewed vide…