The case pertains to a petition filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Hrithik Bansal, the personal guarantor to the corporate debtor, M/s Ambootia Tea Exports Pvt. Ltd., for a debt amounting to Rs. 21,45,46,851.16. The corporate debtor had approached the applicant for financial facilities, which were extended on 05.04.2017. The corporate debtor failed to repay the loan, leading to the account being classified as a non-performing asset (NPA) on 21.11.2020. A demand notice in Form B was issued on 20.10.2022, but no response was received.
Indian Bank, the financial creditor, filed a petition against Hrithik Bansal, the personal guarantor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petition relates to a debt of Rs. 21,45,46,851.16 owed by M/s Ambootia Tea Exports Pvt. Ltd., the corporate debtor, for which Hrithik Bansal provided a personal guarantee. The corporate debtor had availed credit facilities from Indian Bank on 05.04.2017, but defaulted on repayments, leading to the account being classified as NPA on 21.11.2020. A demand notice was issued on 20.10.2022, but no response was received. Hrithik Bansal executed a personal guarantee to secure the repayment of the principal amount of the Cash Credit Facilities together with all interest, additional interest, liquidated
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Indian Bank extended…
Hrithik Bansal, the…
The case pertains to a petition filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Hrithik Bansal, the personal guarantor to the corporate debtor, M/s Ambootia Tea Exports Pvt. Ltd., for a debt amounting to Rs. 21,45,46,851.16. The corporate debtor had approached the applicant for financial facilities, which were extended on 05.04.2017. The corporate debtor failed to repay the loan, leading to the account being classified as a non-performing asset (NPA) on 21.11.2020. A demand notice in Form B was issued on 20.10.2022, but no response was received.
Indian Bank, the financial creditor, filed a petition against Hrithik Bansal, the personal guarantor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petition relates to a debt of Rs. 21,45,46,851.16 owed by M/s Ambootia Tea Exports Pvt. Ltd., the corporate debtor, for which Hrithik Bansal provided a personal guarantee. The corporate debtor had availed credit facilities from Indian Bank on 05.04.2017, but defaulted on repayments, leading to the account being classified as NPA on 21.11.2020. A demand notice was issued on 20.10.2022, but no response was received. Hrithik Bansal executed a personal guarantee to secure the repayment of the principal amount of the Cash Credit Facilities together with all interest, additional interest, liquidated
…Indian Bank extended…
Hrithik Bansal, the…