The case involves a petition filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sri Sharanjit Singh, the personal guarantor to the Corporate Debtor, M/s Walson Merchants Private Limited. The petition seeks to initiate the Insolvency Resolution Process against the personal guarantor due to the Corporate Debtor's failure to repay a debt of Rs. 42,64,70,499.94. The Corporate Debtor had approached the applicant bank for various financial facilities, which were extended on 22.03.2010, including a Cash Credit Facility. The Deed of Guarantee was executed on 23.06.2010 by the Personal Guarantor.
Indian Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sri Sharanjit Singh, the personal guarantor to M/s Walson Merchants Private Limited, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor, M/s Walson Merchants Private Limited, had approached Indian Bank for financial facilities, which were extended on 22.03.2010, including a Cash Credit Facility. The Corporate Debtor failed to repay a debt of Rs. 42,64,70,499.94. The Deed of Guarantee was executed on 23.06.2010 by the Personal Guarantor, Sri Sharanjit Singh. The bank classified the account of the Corporate Debtor as a non-performing asset (NPA) on 27/06/2014. The Applicant Bank issued a statutory Demand Notice under Section 13(2) of SARFAESI
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Indian Bank extended…
Sri Sharanjit Singh…
The case involves a petition filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sri Sharanjit Singh, the personal guarantor to the Corporate Debtor, M/s Walson Merchants Private Limited. The petition seeks to initiate the Insolvency Resolution Process against the personal guarantor due to the Corporate Debtor's failure to repay a debt of Rs. 42,64,70,499.94. The Corporate Debtor had approached the applicant bank for various financial facilities, which were extended on 22.03.2010, including a Cash Credit Facility. The Deed of Guarantee was executed on 23.06.2010 by the Personal Guarantor.
Indian Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Sri Sharanjit Singh, the personal guarantor to M/s Walson Merchants Private Limited, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor, M/s Walson Merchants Private Limited, had approached Indian Bank for financial facilities, which were extended on 22.03.2010, including a Cash Credit Facility. The Corporate Debtor failed to repay a debt of Rs. 42,64,70,499.94. The Deed of Guarantee was executed on 23.06.2010 by the Personal Guarantor, Sri Sharanjit Singh. The bank classified the account of the Corporate Debtor as a non-performing asset (NPA) on 27/06/2014. The Applicant Bank issued a statutory Demand Notice under Section 13(2) of SARFAESI
…Indian Bank extended…
Sri Sharanjit Singh…