The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against a personal guarantor, Gursev Singh, by M/s. Mudraksh Investfin Pvt. Ltd. through its Resolution Professional (RP). The application seeks to initiate insolvency proceedings against the personal guarantor based on a default of Rupees Ten Lakhs. The applicant argues that since the default amount exceeds Rs. One Thousand, the application is maintainable. The court examines the maintainability of the application considering the threshold limits specified under the IBC for personal guarantors to corporate debtors.
M/s. Mudraksh Investfin Pvt. Ltd. through RP filed an application under Section 95(1) of the IBC, 2016, against Gursev Singh, a personal guarantor. The amount of default is Rupees Ten Lakhs as of 15.10.2023. The debt is a secured debt, with a guarantee given to secure the loan credited to Mica Industries Limited. The applicant argued that the application is maintainable because the default amount exceeds Rs. One Thousand, as per Section 78 of the IBC for individuals. The court considered whether the threshold limit for a personal guarantor to a corporate debtor should be Rs. One Thousand or Rs. One Crore, as applicable to corporate debtors under Section 4 of the IBC. Notification No. S.O. 4126(E) dated 15.11.2019, brought certain provisions of the Code into force for
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The amount of debt in…
Notification No. S.O. 4126(E) was issued,…
The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against a personal guarantor, Gursev Singh, by M/s. Mudraksh Investfin Pvt. Ltd. through its Resolution Professional (RP). The application seeks to initiate insolvency proceedings against the personal guarantor based on a default of Rupees Ten Lakhs. The applicant argues that since the default amount exceeds Rs. One Thousand, the application is maintainable. The court examines the maintainability of the application considering the threshold limits specified under the IBC for personal guarantors to corporate debtors.
M/s. Mudraksh Investfin Pvt. Ltd. through RP filed an application under Section 95(1) of the IBC, 2016, against Gursev Singh, a personal guarantor. The amount of default is Rupees Ten Lakhs as of 15.10.2023. The debt is a secured debt, with a guarantee given to secure the loan credited to Mica Industries Limited. The applicant argued that the application is maintainable because the default amount exceeds Rs. One Thousand, as per Section 78 of the IBC for individuals. The court considered whether the threshold limit for a personal guarantor to a corporate debtor should be Rs. One Thousand or Rs. One Crore, as applicable to corporate debtors under Section 4 of the IBC. Notification No. S.O. 4126(E) dated 15.11.2019, brought certain provisions of the Code into force for
…The amount of debt in…
Notification No. S.O. 4126(E) was issued,…