The case involves an application filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the relevant rules and regulations, to initiate the Insolvency Resolution Process against Mr. Prasanna Dugar, a personal guarantor to the corporate debtor, Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). IG&JIPL had approached the bank for various financial facilities, which were extended and renewed over time. The corporate debtor defaulted on its repayment obligations, leading the bank to classify the account as a non-performing asset and issue demand notices under Section 13(2) and Section 13(4) of the SARFAESI Act, 2002.
Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Prasanna Dugar, a personal guarantor to Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). IG&JIPL had received various credit facilities from Indian Bank starting from 06/08/2007, which were enhanced and renewed until 11/06/2019. Mr. Prasanna Dugar provided a personal guarantee on 22/12/2017 to secure these facilities. IG&JIPL defaulted on its repayment obligations, leading Indian Bank to classify the account as a non-performing asset on 27/08/2019. Subsequently, the bank issued demand notices under Section 13(2) on 29/08/2019 and Section 13(4) on 03/06/2020 of the SARFAESI Act, 2002.
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The case involves an application filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the relevant rules and regulations, to initiate the Insolvency Resolution Process against Mr. Prasanna Dugar, a personal guarantor to the corporate debtor, Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). IG&JIPL had approached the bank for various financial facilities, which were extended and renewed over time. The corporate debtor defaulted on its repayment obligations, leading the bank to classify the account as a non-performing asset and issue demand notices under Section 13(2) and Section 13(4) of the SARFAESI Act, 2002.
Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Prasanna Dugar, a personal guarantor to Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). IG&JIPL had received various credit facilities from Indian Bank starting from 06/08/2007, which were enhanced and renewed until 11/06/2019. Mr. Prasanna Dugar provided a personal guarantee on 22/12/2017 to secure these facilities. IG&JIPL defaulted on its repayment obligations, leading Indian Bank to classify the account as a non-performing asset on 27/08/2019. Subsequently, the bank issued demand notices under Section 13(2) on 29/08/2019 and Section 13(4) on 03/06/2020 of the SARFAESI Act, 2002.
…Applicant extended…
Credit facilit…