The case involves a petition filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Sanjay Gupta, the personal guarantor of M/s City Mall Developers Private Limited (the Corporate Debtor). The Corporate Debtor had approached the bank for various credit facilities, which were extended. The Corporate Debtor failed to repay the loan, leading to the account being classified as a non-performing asset (NPA).
Indian Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Sanjay Gupta, the personal guarantor of M/s City Mall Developers Private Limited. The Corporate Debtor had approached Indian Bank for credit facilities, which were granted on 11.06.2007, 21.10.2011, and 28.09.2013. Mr. Sanjay Gupta executed personal guarantees on 10.09.2007 and 28.11.2011 to secure the repayment of the Cash Credit Facilities. The Corporate Debtor failed to repay the loan, leading to the account being classified as a non-performing asset (NPA) on 28.10.2015. Indian Bank issued a statutory Demand Notice under Section 13(2) of SARFAESI Act, 2002, on 06/11/2015. The applicant has already filed a petition
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Indian Bank extended…
Indian Bank extended…
The case involves a petition filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Mr. Sanjay Gupta, the personal guarantor of M/s City Mall Developers Private Limited (the Corporate Debtor). The Corporate Debtor had approached the bank for various credit facilities, which were extended. The Corporate Debtor failed to repay the loan, leading to the account being classified as a non-performing asset (NPA).
Indian Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Sanjay Gupta, the personal guarantor of M/s City Mall Developers Private Limited. The Corporate Debtor had approached Indian Bank for credit facilities, which were granted on 11.06.2007, 21.10.2011, and 28.09.2013. Mr. Sanjay Gupta executed personal guarantees on 10.09.2007 and 28.11.2011 to secure the repayment of the Cash Credit Facilities. The Corporate Debtor failed to repay the loan, leading to the account being classified as a non-performing asset (NPA) on 28.10.2015. Indian Bank issued a statutory Demand Notice under Section 13(2) of SARFAESI Act, 2002, on 06/11/2015. The applicant has already filed a petition
…Indian Bank extended…
Indian Bank extended…