The case pertains to an application filed under Section 95(1) 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 Debtor) Rules, 2019. The application seeks to initiate the Insolvency Resolution Process against Mrs. Rajshree Dugar, who is the personal guarantor of Indian Gem & Jewellery Imperial Private Limited (IG&JIPL), in relation to credit facilities extended by Indian Bank to IG&JIPL.
Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Rajshree Dugar, the personal guarantor of Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). IG&JIPL had received credit facilities from Indian Bank. Mrs. Dugar guaranteed the debts of IG&JIPL to Indian Bank. Mrs. Dugar failed to pay the debts within fourteen days of service of the demand notice. Indian Bank served a demand notice in Form B under Section 95(4)(b) of the IBC, 2016, read with Rule 7(1) of the IB Rules, 2019, demanding payment of the amount of default. The Resolution Professional (RP) filed a report recommending the admission of the application under Section 95 of the IBC,
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Mr. Tarun Kumar Ray was appointed as the…
Order Reser…
The case pertains to an application filed under Section 95(1) 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 Debtor) Rules, 2019. The application seeks to initiate the Insolvency Resolution Process against Mrs. Rajshree Dugar, who is the personal guarantor of Indian Gem & Jewellery Imperial Private Limited (IG&JIPL), in relation to credit facilities extended by Indian Bank to IG&JIPL.
Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Rajshree Dugar, the personal guarantor of Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). IG&JIPL had received credit facilities from Indian Bank. Mrs. Dugar guaranteed the debts of IG&JIPL to Indian Bank. Mrs. Dugar failed to pay the debts within fourteen days of service of the demand notice. Indian Bank served a demand notice in Form B under Section 95(4)(b) of the IBC, 2016, read with Rule 7(1) of the IB Rules, 2019, demanding payment of the amount of default. The Resolution Professional (RP) filed a report recommending the admission of the application under Section 95 of the IBC,
…Mr. Tarun Kumar Ray was appointed as the…
Order Reser…