The case pertains to an application filed under Section 94 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Mr. Amar Baldva, the Applicant/Debtor, who is a personal guarantor for M/s Baldva Textiles Pvt. Ltd. ('Corporate Debtor'). The application seeks to initiate the insolvency resolution process. The applicant defaulted on obligations pursuant to a personal guarantee given to the corporate debtor. A CIRP was initiated against the Corporate Debtor in CP No. (IB)-28/9/JPR/2021.
Mr. Amar Baldva, acting as a personal guarantor for M/s Baldva Textiles Pvt. Ltd. ('Corporate Debtor'), filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process. A loan was advanced to the Corporate Debtor by Punjab National Bank ('Financial Creditor'). The Corporate Debtor defaulted, leading the Financial Creditor to issue a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2021-04-27. The amount of default was Rs. 16,73,10,124/-, with the date of default being 2021-06-27. Previously, an application under Section 9 of the Code was admitted against the Corporate Debtor, leading to the initiation of Corporate Insolvency Resolution Process (‘CIRP') in CP No. (IB)-28/9/JPR/2021.
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The case pertains to an application filed under Section 94 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Mr. Amar Baldva, the Applicant/Debtor, who is a personal guarantor for M/s Baldva Textiles Pvt. Ltd. ('Corporate Debtor'). The application seeks to initiate the insolvency resolution process. The applicant defaulted on obligations pursuant to a personal guarantee given to the corporate debtor. A CIRP was initiated against the Corporate Debtor in CP No. (IB)-28/9/JPR/2021.
Mr. Amar Baldva, acting as a personal guarantor for M/s Baldva Textiles Pvt. Ltd. ('Corporate Debtor'), filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process. A loan was advanced to the Corporate Debtor by Punjab National Bank ('Financial Creditor'). The Corporate Debtor defaulted, leading the Financial Creditor to issue a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2021-04-27. The amount of default was Rs. 16,73,10,124/-, with the date of default being 2021-06-27. Previously, an application under Section 9 of the Code was admitted against the Corporate Debtor, leading to the initiation of Corporate Insolvency Resolution Process (‘CIRP') in CP No. (IB)-28/9/JPR/2021.
…Financial Creditor published a demand notice…
The date of d…