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 the Federal Bank Limited. The amount of default was Rs. 38,56,65,007.80 as on 31.05.2021. The Corporate Debtor failed to make good its debt obligations, and the account was classified as NPA on 31.03.2011. The loans were secured by properties belonging to the guarantors. The guarantors undertook to unconditionally pay the Bank on demand, with their liability limited to Rs. 18,00,00,000. The financial assets of the Corporate Debtor were
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The account of M/s. Unitek Power…
The financial assets of the Corporate Debtor…
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 the Federal Bank Limited. The amount of default was Rs. 38,56,65,007.80 as on 31.05.2021. The Corporate Debtor failed to make good its debt obligations, and the account was classified as NPA on 31.03.2011. The loans were secured by properties belonging to the guarantors. The guarantors undertook to unconditionally pay the Bank on demand, with their liability limited to Rs. 18,00,00,000. The financial assets of the Corporate Debtor were
…The account of M/s. Unitek Power…
The financial assets of the Corporate Debtor…