The case involves an application 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, to initiate the Insolvency Resolution Process against Mr. Vinod Agarwal, the personal guarantor, for loans availed by the corporate debtor, KVR Steels Orissa Limited. The financial creditor, Indian Bank, seeks to recover outstanding dues from the personal guarantor after the corporate debtor defaulted on its loan repayments. The application is filed before the National Company Law Tribunal (NCLT), Cuttack Bench.
Indian Bank, the financial creditor, filed an application to initiate the Insolvency Resolution Process against Mr. Vinod Agarwal, the personal guarantor of KVR Steels Orissa Limited, the corporate debtor. KVR Steels Orissa Limited had availed credit facilities from Indian Bank, with Mr. Agarwal acting as the guarantor. The credit facilities were sanctioned and renewed multiple times between 2009 and 2016. The corporate debtor defaulted on repayments, leading to the account being declared a Non-Performing Asset (NPA) on 26.09.2018. Indian Bank issued a demand notice under Section 13(2) of the SARFESI Act, 2002, and filed OA No. 507/2019 before the Debts Recovery Tribunal-III, Kolkata, to recover outstanding dues. A Corporate Insolvency Resolution Process (CIRP)
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Indian Bank sanctioned credit facilities to…
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The case involves an application 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, to initiate the Insolvency Resolution Process against Mr. Vinod Agarwal, the personal guarantor, for loans availed by the corporate debtor, KVR Steels Orissa Limited. The financial creditor, Indian Bank, seeks to recover outstanding dues from the personal guarantor after the corporate debtor defaulted on its loan repayments. The application is filed before the National Company Law Tribunal (NCLT), Cuttack Bench.
Indian Bank, the financial creditor, filed an application to initiate the Insolvency Resolution Process against Mr. Vinod Agarwal, the personal guarantor of KVR Steels Orissa Limited, the corporate debtor. KVR Steels Orissa Limited had availed credit facilities from Indian Bank, with Mr. Agarwal acting as the guarantor. The credit facilities were sanctioned and renewed multiple times between 2009 and 2016. The corporate debtor defaulted on repayments, leading to the account being declared a Non-Performing Asset (NPA) on 26.09.2018. Indian Bank issued a demand notice under Section 13(2) of the SARFESI Act, 2002, and filed OA No. 507/2019 before the Debts Recovery Tribunal-III, Kolkata, to recover outstanding dues. A Corporate Insolvency Resolution Process (CIRP)
…Indian Bank sanctioned credit facilities to…
Credit facilities were…