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 of M/s Walson Merchants 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. 42,64,70,499.94. The Corporate Debtor had approached the bank for various financial facilities, which were extended on 22.03.2010. A Deed of Guarantee was executed on 23.06.2010 by the Personal Guarantor.
Indian Bank extended credit facilities to M/s Walson Merchants Private Limited (Corporate Debtor) on 22.03.2010. Sri Sharanjit Singh, as the personal guarantor, executed a Deed of Guarantee on 23.06.2010 to secure the repayment of the loan. The Corporate Debtor defaulted on the repayment, leading Indian Bank to classify the account as a non-performing asset (NPA) on 27.06.2014. Indian Bank issued a Demand Notice under Section 13(2) of the SARFAESI Act, 2002, on 03.06.2015. Indian Bank also filed a petition under section 19 of the Recovery of Debts Due to Banks and Financial Institution Act, 1993, against the Personal guarantor of the Corporate Debtor. The Applicant has issued a Demand Notice in Form B on 03.12.2022 under Rule 7(1) of the IB Rules, 2019 but no response
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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 of M/s Walson Merchants 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. 42,64,70,499.94. The Corporate Debtor had approached the bank for various financial facilities, which were extended on 22.03.2010. A Deed of Guarantee was executed on 23.06.2010 by the Personal Guarantor.
Indian Bank extended credit facilities to M/s Walson Merchants Private Limited (Corporate Debtor) on 22.03.2010. Sri Sharanjit Singh, as the personal guarantor, executed a Deed of Guarantee on 23.06.2010 to secure the repayment of the loan. The Corporate Debtor defaulted on the repayment, leading Indian Bank to classify the account as a non-performing asset (NPA) on 27.06.2014. Indian Bank issued a Demand Notice under Section 13(2) of the SARFAESI Act, 2002, on 03.06.2015. Indian Bank also filed a petition under section 19 of the Recovery of Debts Due to Banks and Financial Institution Act, 1993, against the Personal guarantor of the Corporate Debtor. The Applicant has issued a Demand Notice in Form B on 03.12.2022 under Rule 7(1) of the IB Rules, 2019 but no response
…Indian Bank extended…
Sri Sharanjit Singh…