The case involves a Company Petition filed by Indian Bank under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate an Insolvency Resolution Process against Mr. Amit Amarchand Narang, the Personal Guarantor, for the debts owed by Narang Developers Private Limited, the Corporate Debtor. The Corporate Debtor had availed Term Loan facilities from the Financial Creditor, Indian Bank, which were secured by the personal guarantee of Mr. Narang. Upon default, the account was classified as NPA, and a demand notice was issued. The bank then filed an application for the appointment of a Resolution Professional.
Indian Bank, the Financial Creditor, filed a Company Petition against Mr. Amit Amarchand Narang, the Personal Guarantor of Narang Developers Private Limited, the Corporate Debtor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed Term Loan facilities from Indian Bank, sanctioned on 09.03.2017, amounting to Rs. 7.85 Crores, secured by Mr. Narang's personal guarantee via a Guarantee Agreement dated 30.03.2017. Upon default, the account was classified as a Non-Performing Asset (NPA) on 18.09.2018. A legal notice was issued to the Corporate Debtor and Guarantors on 15.06.2020. The Applicant Bank sent a Demand Notice in Form B dated 23.05.2022 under rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority
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Indian Bank sanctioned a Term Loan to Narang…
Mr. Amit Amarchand Narang provided a personal…
The case involves a Company Petition filed by Indian Bank under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate an Insolvency Resolution Process against Mr. Amit Amarchand Narang, the Personal Guarantor, for the debts owed by Narang Developers Private Limited, the Corporate Debtor. The Corporate Debtor had availed Term Loan facilities from the Financial Creditor, Indian Bank, which were secured by the personal guarantee of Mr. Narang. Upon default, the account was classified as NPA, and a demand notice was issued. The bank then filed an application for the appointment of a Resolution Professional.
Indian Bank, the Financial Creditor, filed a Company Petition against Mr. Amit Amarchand Narang, the Personal Guarantor of Narang Developers Private Limited, the Corporate Debtor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed Term Loan facilities from Indian Bank, sanctioned on 09.03.2017, amounting to Rs. 7.85 Crores, secured by Mr. Narang's personal guarantee via a Guarantee Agreement dated 30.03.2017. Upon default, the account was classified as a Non-Performing Asset (NPA) on 18.09.2018. A legal notice was issued to the Corporate Debtor and Guarantors on 15.06.2020. The Applicant Bank sent a Demand Notice in Form B dated 23.05.2022 under rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority
…Indian Bank sanctioned a Term Loan to Narang…
Mr. Amit Amarchand Narang provided a personal…