The case involves a petition filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Pinki Gupta, the personal guarantor of M/s City Mall Developers Private Limited (the Corporate Debtor). The bank seeks to initiate the Insolvency Resolution Process against the personal guarantor due to the Corporate Debtor's failure to repay a debt of Rs. 1,16,44,30,645.93. The Corporate Debtor had approached the bank for various financial facilities, which were extended based on the Corporate Debtor's representations. The Corporate Debtor failed to meet its repayment obligations, leading to the account being classified as a non-performing asset (NPA).
Indian Bank, the Financial Creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Pinki Gupta, the Personal Guarantor of M/s City Mall Developers Private Limited (Corporate Debtor). The Corporate Debtor had availed various credit facilities from the bank amounting to Rs. 1,16,44,30,645.93. Pinki Gupta had executed personal guarantees on 10.09.2007 and 28.11.2011 in favor of the bank to secure the repayment of the principal amount of the Cash Credit Facilities. The Corporate Debtor failed to repay the debt, leading to the account being classified as a non-performing asset (NPA) on 28.10.2015. The bank issued a Demand Notice in Form B on 04.04.2022 under Rule 7(1) of the IB Rules, 2019, but no response was received. The
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Pinki Gupta executed a…
Pinki Gupta executed a…
The case involves a petition filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Pinki Gupta, the personal guarantor of M/s City Mall Developers Private Limited (the Corporate Debtor). The bank seeks to initiate the Insolvency Resolution Process against the personal guarantor due to the Corporate Debtor's failure to repay a debt of Rs. 1,16,44,30,645.93. The Corporate Debtor had approached the bank for various financial facilities, which were extended based on the Corporate Debtor's representations. The Corporate Debtor failed to meet its repayment obligations, leading to the account being classified as a non-performing asset (NPA).
Indian Bank, the Financial Creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Pinki Gupta, the Personal Guarantor of M/s City Mall Developers Private Limited (Corporate Debtor). The Corporate Debtor had availed various credit facilities from the bank amounting to Rs. 1,16,44,30,645.93. Pinki Gupta had executed personal guarantees on 10.09.2007 and 28.11.2011 in favor of the bank to secure the repayment of the principal amount of the Cash Credit Facilities. The Corporate Debtor failed to repay the debt, leading to the account being classified as a non-performing asset (NPA) on 28.10.2015. The bank issued a Demand Notice in Form B on 04.04.2022 under Rule 7(1) of the IB Rules, 2019, but no response was received. The
…Pinki Gupta executed a…
Pinki Gupta executed a…