The case involves an application filed by Indian SME Asset Reconstruction Company under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the personal guarantor, Smt. M. Kalaiselvi, of M/s Mahan Textiles Process India Private Limited, the Corporate Debtor. The Corporate Debtor had taken credit facilities from the Applicant, and the Respondent had given a personal guarantee for the loan. The Corporate Debtor defaulted on the loan repayment, leading the Applicant to initiate CIRP against the Personal Guarantor.
Indian SME Asset Reconstruction Company filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Smt. M. Kalaiselvi, the personal guarantor of M/s Mahan Textiles Process India Private Limited, the Corporate Debtor. The Corporate Debtor had availed credit facilities from the Applicant, and Smt. M. Kalaiselvi had provided a personal guarantee for the loan. The Corporate Debtor defaulted on the repayment of the debt, which amounted to Rs. 23,94,33,957 as of 31.01.2024. The date of default was 04.12.2012. The Applicant has placed on record the Deed of Guarantee dated 08.08.2008, Invocation of Guarantee dated 04.12.2012, Notice under Section 13(2) of the SARFAESI Act, 2002 dated 28.12.2012,
…Sign in to view the parties.
Deed of Guaran…
Guarantee…
The case involves an application filed by Indian SME Asset Reconstruction Company under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the personal guarantor, Smt. M. Kalaiselvi, of M/s Mahan Textiles Process India Private Limited, the Corporate Debtor. The Corporate Debtor had taken credit facilities from the Applicant, and the Respondent had given a personal guarantee for the loan. The Corporate Debtor defaulted on the loan repayment, leading the Applicant to initiate CIRP against the Personal Guarantor.
Indian SME Asset Reconstruction Company filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Smt. M. Kalaiselvi, the personal guarantor of M/s Mahan Textiles Process India Private Limited, the Corporate Debtor. The Corporate Debtor had availed credit facilities from the Applicant, and Smt. M. Kalaiselvi had provided a personal guarantee for the loan. The Corporate Debtor defaulted on the repayment of the debt, which amounted to Rs. 23,94,33,957 as of 31.01.2024. The date of default was 04.12.2012. The Applicant has placed on record the Deed of Guarantee dated 08.08.2008, Invocation of Guarantee dated 04.12.2012, Notice under Section 13(2) of the SARFAESI Act, 2002 dated 28.12.2012,
…Deed of Guaran…
Guarantee…