The case involves an application filed by Mr. Jitendra Singh, the Applicant and Personal Guarantor, under Section 94(1) of the Insolvency and Bankruptcy Code (IBC) 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The application seeks initiation of the Insolvency Resolution Process (IRP) against the Applicant/Debtor, who is the Personal Guarantor of the Corporate Debtor, M/s Neo Aid Communication (India) Private Limited, for an amount of Rs. 2,11,66,191/-. The Resolution Professional (RP), Mr. Sunil Kumar, was appointed and directed to file a report under Section 99 of IBC, 2016. The RP filed IA(IBC)No. 561/JPR/2023 recommending the
…Mr. Jitendra Singh, as a personal guarantor for M/s Neo Aid Communication (India) Private Limited, filed an application under Section 94(1) of the IBC seeking initiation of the Insolvency Resolution Process (IRP). The corporate debtor had availed loan facilities from IndusInd Bank, for which Mr. Singh provided a personal guarantee. IndusInd Bank invoked the guarantee due to defaults in repayment, leading to the application. The Resolution Professional (RP), Mr. Sunil Kumar, was appointed and filed a report recommending the admission of the application. Axis Bank Ltd. stated that Mr. Jitendra Singh had defaulted on a personal loan. IndiaBulls Asset Reconstruction Company Limited stated that the Corporate Debtor had approached IndusInd Bank for credit facilities in 2016,
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The Corporate Debtor, along with Personal…
The loan account was…
The case involves an application filed by Mr. Jitendra Singh, the Applicant and Personal Guarantor, under Section 94(1) of the Insolvency and Bankruptcy Code (IBC) 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The application seeks initiation of the Insolvency Resolution Process (IRP) against the Applicant/Debtor, who is the Personal Guarantor of the Corporate Debtor, M/s Neo Aid Communication (India) Private Limited, for an amount of Rs. 2,11,66,191/-. The Resolution Professional (RP), Mr. Sunil Kumar, was appointed and directed to file a report under Section 99 of IBC, 2016. The RP filed IA(IBC)No. 561/JPR/2023 recommending the
…Mr. Jitendra Singh, as a personal guarantor for M/s Neo Aid Communication (India) Private Limited, filed an application under Section 94(1) of the IBC seeking initiation of the Insolvency Resolution Process (IRP). The corporate debtor had availed loan facilities from IndusInd Bank, for which Mr. Singh provided a personal guarantee. IndusInd Bank invoked the guarantee due to defaults in repayment, leading to the application. The Resolution Professional (RP), Mr. Sunil Kumar, was appointed and filed a report recommending the admission of the application. Axis Bank Ltd. stated that Mr. Jitendra Singh had defaulted on a personal loan. IndiaBulls Asset Reconstruction Company Limited stated that the Corporate Debtor had approached IndusInd Bank for credit facilities in 2016,
…The Corporate Debtor, along with Personal…
The loan account was…