The petitions were filed by JM Financial Asset Reconstruction Company Limited 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 Debtors) Rules, 2019, against Mrs. Reena Paul, Mr. John Zachariah, Mrs. Annu Mathew, Mr. Mathew John, and Mr. K. G. Paul, who are personal guarantors of the Corporate Debtor, M/s. Unitek Power Solutions India Limited. The corporate debtor had availed credit facilities from Federal Bank Limited and defaulted on payments, leading to the account being classified as a non-performing asset. The creditor sought to initiate Corporate Insolvency Resolution Process (CIRP)
…M/s. JM Financial Asset Reconstruction Company Limited filed petitions against Mrs. Reena Paul, Mr. John Zachariah, Mrs. Annu Mathew, Mr. Mathew John, and Mr. K. G. Paul, who are personal guarantors to the Corporate Debtor M/s. Unitek Power Solutions India Limited. Unitek Power Solutions India Limited availed credit facilities from Federal Bank Limited. The corporate debtor defaulted with an amount of Rs. 38,56,65,007.80/- as on 31.05.2021. The account was classified as NPA on 31.03.2011. The loans were secured by properties belonging to the guarantors. The guarantors' liability was limited to Rs. 18,00,00,000/-. The financial assets of the Corporate Debtor were assigned to the petitioner via an agreement dated 26.03.2013. The creditor also filed OA No. 376 of 2013
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The petitions were filed by JM Financial Asset Reconstruction Company Limited 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 Debtors) Rules, 2019, against Mrs. Reena Paul, Mr. John Zachariah, Mrs. Annu Mathew, Mr. Mathew John, and Mr. K. G. Paul, who are personal guarantors of the Corporate Debtor, M/s. Unitek Power Solutions India Limited. The corporate debtor had availed credit facilities from Federal Bank Limited and defaulted on payments, leading to the account being classified as a non-performing asset. The creditor sought to initiate Corporate Insolvency Resolution Process (CIRP)
…M/s. JM Financial Asset Reconstruction Company Limited filed petitions against Mrs. Reena Paul, Mr. John Zachariah, Mrs. Annu Mathew, Mr. Mathew John, and Mr. K. G. Paul, who are personal guarantors to the Corporate Debtor M/s. Unitek Power Solutions India Limited. Unitek Power Solutions India Limited availed credit facilities from Federal Bank Limited. The corporate debtor defaulted with an amount of Rs. 38,56,65,007.80/- as on 31.05.2021. The account was classified as NPA on 31.03.2011. The loans were secured by properties belonging to the guarantors. The guarantors' liability was limited to Rs. 18,00,00,000/-. The financial assets of the Corporate Debtor were assigned to the petitioner via an agreement dated 26.03.2013. The creditor also filed OA No. 376 of 2013
…The Corporate Debtor's account was classified…
The financial assets of the Corporate Debtor…