The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Indian Bank, through its representative Mr. Ashok Kumar Golechha, seeking to initiate insolvency resolution process against Mr. Padma Bhushan Tiwari, the Personal Guarantor, for recovery of Rs. 12,47,87,180.40/-. The Corporate Debtor, Sonachi Industries Limited, had availed credit facilities from the financial creditor (then Allahabad Bank), which later amalgamated into Indian Bank. The loans were secured by the personal guarantee of Mr. Tiwari. Upon default, the account was
…Indian Bank, formerly Allahabad Bank, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Padma Bhushan Tiwari, who acted as a personal guarantor for credit facilities extended to Sonachi Industries Limited. The total amount in default was Rs. 12,47,87,180.40 as of March 31, 2022, with the date of default specified as October 18, 2018. Sonachi Industries Limited, the Corporate Debtor, had approached Allahabad Bank for CC and ILC/FLC loan facilities, which were sanctioned to the tune of 15 crores in 2015. Additionally, a term loan for car purchase was sanctioned in 2016. These loans were secured by a personal guarantee agreement dated December 31, 2015. Due to defaults, the account was classified as a Non-Performing Asset (NPA) on
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Allahabad Bank sanctioned CC and ILC/FLC to…
Allahabad Bank…
The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Indian Bank, through its representative Mr. Ashok Kumar Golechha, seeking to initiate insolvency resolution process against Mr. Padma Bhushan Tiwari, the Personal Guarantor, for recovery of Rs. 12,47,87,180.40/-. The Corporate Debtor, Sonachi Industries Limited, had availed credit facilities from the financial creditor (then Allahabad Bank), which later amalgamated into Indian Bank. The loans were secured by the personal guarantee of Mr. Tiwari. Upon default, the account was
…Indian Bank, formerly Allahabad Bank, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Padma Bhushan Tiwari, who acted as a personal guarantor for credit facilities extended to Sonachi Industries Limited. The total amount in default was Rs. 12,47,87,180.40 as of March 31, 2022, with the date of default specified as October 18, 2018. Sonachi Industries Limited, the Corporate Debtor, had approached Allahabad Bank for CC and ILC/FLC loan facilities, which were sanctioned to the tune of 15 crores in 2015. Additionally, a term loan for car purchase was sanctioned in 2016. These loans were secured by a personal guarantee agreement dated December 31, 2015. Due to defaults, the account was classified as a Non-Performing Asset (NPA) on
…Allahabad Bank sanctioned CC and ILC/FLC to…
Allahabad Bank…