The case involves a petition filed by Mrs. Rukma Narain, a financial creditor, against M/s. Ibexkayenn Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditor seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to a default of Rs.4,21,18,037.39/-. The corporate debtor had taken a term loan from Karnataka Bank Limited, for which the financial creditor acted as a personal guarantor. The loan was declared NPA, and SARFAESI Act proceedings were initiated. A One Time Settlement (OTS) was proposed, and the financial creditor paid Rs. 1 crore and settled the balance by selling her property. The corporate debtor made a partial payment of Rs. 3 crores, leaving an
…Mrs. Rukma Narain, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Ibexkayenn Private Limited, the corporate debtor, seeking to initiate CIRP due to a default of Rs.4,21,18,037.39/-. The corporate debtor had obtained a term loan from Karnataka Bank Limited, with Mrs. Narain acting as a personal guarantor. The loan became an NPA, leading to SARFAESI proceedings. An OTS was agreed upon, and Mrs. Narain settled the bank's dues by paying Rs. 1 crore and selling her property. The corporate debtor made a partial repayment of Rs. 3 crores, leaving an outstanding balance of Rs.4,00,00,000/-. Mrs. Narain issued demand notices, which were not complied with. The corporate debtor acknowledged the debt and requested
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The present Petition has been filed on…
The term loan agreement…
The case involves a petition filed by Mrs. Rukma Narain, a financial creditor, against M/s. Ibexkayenn Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditor seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to a default of Rs.4,21,18,037.39/-. The corporate debtor had taken a term loan from Karnataka Bank Limited, for which the financial creditor acted as a personal guarantor. The loan was declared NPA, and SARFAESI Act proceedings were initiated. A One Time Settlement (OTS) was proposed, and the financial creditor paid Rs. 1 crore and settled the balance by selling her property. The corporate debtor made a partial payment of Rs. 3 crores, leaving an
…Mrs. Rukma Narain, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Ibexkayenn Private Limited, the corporate debtor, seeking to initiate CIRP due to a default of Rs.4,21,18,037.39/-. The corporate debtor had obtained a term loan from Karnataka Bank Limited, with Mrs. Narain acting as a personal guarantor. The loan became an NPA, leading to SARFAESI proceedings. An OTS was agreed upon, and Mrs. Narain settled the bank's dues by paying Rs. 1 crore and selling her property. The corporate debtor made a partial repayment of Rs. 3 crores, leaving an outstanding balance of Rs.4,00,00,000/-. Mrs. Narain issued demand notices, which were not complied with. The corporate debtor acknowledged the debt and requested
…The present Petition has been filed on…
The term loan agreement…