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. Anil 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 for the personal guarantor.
Mr. Anil Baldva, the Applicant/Debtor, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor for M/s Baldva Textiles Pvt. Ltd. ('Corporate Debtor'). Punjab National Bank, Gandhi Nagar, Bhilwara Branch ('Financial Creditor') had advanced a loan to the Corporate Debtor. The Corporate Debtor defaulted, leading the Financial Creditor to publish a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2021-04-27. The applicant failed to fulfill his obligations pursuant to the personal guarantee within 60 days of the notice. The amount of default is Rs. 16,73,10,124/- with the date of default as 2021-06-27. An application under Section 9 of the Code seeking Corporate Insolvency Resolution Process (‘CIRP') against
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Financial Creditor published a demand notice…
The date of de…
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. Anil 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 for the personal guarantor.
Mr. Anil Baldva, the Applicant/Debtor, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor for M/s Baldva Textiles Pvt. Ltd. ('Corporate Debtor'). Punjab National Bank, Gandhi Nagar, Bhilwara Branch ('Financial Creditor') had advanced a loan to the Corporate Debtor. The Corporate Debtor defaulted, leading the Financial Creditor to publish a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2021-04-27. The applicant failed to fulfill his obligations pursuant to the personal guarantee within 60 days of the notice. The amount of default is Rs. 16,73,10,124/- with the date of default as 2021-06-27. An application under Section 9 of the Code seeking Corporate Insolvency Resolution Process (‘CIRP') against
…Financial Creditor published a demand notice…
The date of de…