Indian Bank, through its Stressed Assets Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 ("IBC") to initiate the Insolvency Resolution Process against the Personal Guarantor, S. Swaminathan, of M/s Indalloys & Extrusion Pvt Ltd., the Corporate Debtor. M/s Indalloys & Extrusion Pvt Ltd. had taken credit facilities from Indian Bank, and S. Swaminathan had given a personal guarantee for the loan. The Corporate Debtor failed to repay the debt, leading Indian Bank to initiate CIRP against the Personal Guarantor.
Indian Bank, through its Stressed Assets Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Personal Guarantor, S. Swaminathan, of M/s Indalloys & Extrusion Pvt Ltd., the Corporate Debtor. M/s Indalloys & Extrusion Pvt Ltd. had taken credit facilities from Indian Bank. The Respondent, S. Swaminathan, had given a personal guarantee for the said loan. The Corporate Debtor failed to repay the debt, which led the Applicant to initiate CIRP against the Personal Guarantor. As of 22.07.2024, the debt was Rs.32,62,00,000/-, and the amount of default was Rs.15,69,00,000/-. The date of default is 30.04.2009. A demand notice was issued under Rule 7(1) of the
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Deed of Guarantee…
Date of defaul…
Indian Bank, through its Stressed Assets Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 ("IBC") to initiate the Insolvency Resolution Process against the Personal Guarantor, S. Swaminathan, of M/s Indalloys & Extrusion Pvt Ltd., the Corporate Debtor. M/s Indalloys & Extrusion Pvt Ltd. had taken credit facilities from Indian Bank, and S. Swaminathan had given a personal guarantee for the loan. The Corporate Debtor failed to repay the debt, leading Indian Bank to initiate CIRP against the Personal Guarantor.
Indian Bank, through its Stressed Assets Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Personal Guarantor, S. Swaminathan, of M/s Indalloys & Extrusion Pvt Ltd., the Corporate Debtor. M/s Indalloys & Extrusion Pvt Ltd. had taken credit facilities from Indian Bank. The Respondent, S. Swaminathan, had given a personal guarantee for the said loan. The Corporate Debtor failed to repay the debt, which led the Applicant to initiate CIRP against the Personal Guarantor. As of 22.07.2024, the debt was Rs.32,62,00,000/-, and the amount of default was Rs.15,69,00,000/-. The date of default is 30.04.2009. A demand notice was issued under Rule 7(1) of the
…Deed of Guarantee…
Date of defaul…