Kookmin Bank filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Bhavesh Harkishandas Mehta, a Personal Guarantor, due to default in repayment of a loan. The Financial Creditor had entered into a Channel Finance Agreement with Samsung India Electronics Private Limited, providing credit facilities to dealers. Compuage Infocom Limited was recognized as a dealer, and the Financial Creditor issued a Sanction Letter for INR 40,00,00,000. Mr. Atul H. Mehta and Mr. Bhavesh H. Mehta executed a Deed of Personal Guarantee.
Kookmin Bank (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Bhavesh Harkishandas Mehta (Personal Guarantor) for defaulting on loan repayments. The Financial Creditor had a Channel Finance Agreement (CFA) with Samsung India Electronics Private Limited (SIEL) to provide credit to dealers. Compuage Infocom Limited (Corporate Debtor) was a dealer for SIEL. The Financial Creditor issued a Sanction Letter to the Corporate Debtor for INR 40,00,00,000. Bhavesh Harkishandas Mehta, along with Mr. Atul H. Mehta, executed a Deed of Personal Guarantee. The Financial Creditor extended credit of INR 19,08,20,327.68, but the Corporate Debtor defaulted. A notice was issued to the Corporate Debtor, and the Deed of Personal
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Financial Creditor…
Mr. Atul H. Mehta and…
Kookmin Bank filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Bhavesh Harkishandas Mehta, a Personal Guarantor, due to default in repayment of a loan. The Financial Creditor had entered into a Channel Finance Agreement with Samsung India Electronics Private Limited, providing credit facilities to dealers. Compuage Infocom Limited was recognized as a dealer, and the Financial Creditor issued a Sanction Letter for INR 40,00,00,000. Mr. Atul H. Mehta and Mr. Bhavesh H. Mehta executed a Deed of Personal Guarantee.
Kookmin Bank (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Bhavesh Harkishandas Mehta (Personal Guarantor) for defaulting on loan repayments. The Financial Creditor had a Channel Finance Agreement (CFA) with Samsung India Electronics Private Limited (SIEL) to provide credit to dealers. Compuage Infocom Limited (Corporate Debtor) was a dealer for SIEL. The Financial Creditor issued a Sanction Letter to the Corporate Debtor for INR 40,00,00,000. Bhavesh Harkishandas Mehta, along with Mr. Atul H. Mehta, executed a Deed of Personal Guarantee. The Financial Creditor extended credit of INR 19,08,20,327.68, but the Corporate Debtor defaulted. A notice was issued to the Corporate Debtor, and the Deed of Personal
…Financial Creditor…
Mr. Atul H. Mehta and…