The case pertains to a petition filed by Indian Bank, a financial creditor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Akhilesh Kotia, the personal guarantor to the corporate debtor, M/s Marsons Limited. The petition seeks to initiate the Insolvency Resolution Process against the personal guarantor for a debt amounting to Rs. 130.04 Crores. The corporate debtor had approached the applicant for various financial facilities, and the applicant extended credit facilities on 31.12.2014. The corporate debtor failed to repay the loan, leading to the account being classified as a non-performing asset (NPA) on 31.12.2014. The bank had also filed an original application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 before the
…Indian Bank, a financial creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Akhilesh Kotia, the personal guarantor to M/s Marsons Limited, the corporate debtor. The debt amounts to Rs. 130.04 Crores. The corporate debtor had approached Indian Bank for financial facilities, which were extended on 31.12.2014. A Deed of Guarantee was executed on 31.12.2014. The corporate debtor failed to repay the loan, and the account was classified as NPA on 31.12.2014. Indian Bank also filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. A statutory demand notice was issued under Section 13(2) of the SARFAESI Act, 2002, on 25/10/2017. Akhilesh Kotia executed a personal guarantee on 31.12.2014. A Demand
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Indian Bank extended credit facilities to…
The account of M/s…
The case pertains to a petition filed by Indian Bank, a financial creditor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Akhilesh Kotia, the personal guarantor to the corporate debtor, M/s Marsons Limited. The petition seeks to initiate the Insolvency Resolution Process against the personal guarantor for a debt amounting to Rs. 130.04 Crores. The corporate debtor had approached the applicant for various financial facilities, and the applicant extended credit facilities on 31.12.2014. The corporate debtor failed to repay the loan, leading to the account being classified as a non-performing asset (NPA) on 31.12.2014. The bank had also filed an original application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 before the
…Indian Bank, a financial creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Akhilesh Kotia, the personal guarantor to M/s Marsons Limited, the corporate debtor. The debt amounts to Rs. 130.04 Crores. The corporate debtor had approached Indian Bank for financial facilities, which were extended on 31.12.2014. A Deed of Guarantee was executed on 31.12.2014. The corporate debtor failed to repay the loan, and the account was classified as NPA on 31.12.2014. Indian Bank also filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. A statutory demand notice was issued under Section 13(2) of the SARFAESI Act, 2002, on 25/10/2017. Akhilesh Kotia executed a personal guarantee on 31.12.2014. A Demand
…Indian Bank extended credit facilities to…
The account of M/s…