The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy Rules, 2019, by the applicant, Mr. Mukhtyar Ali Quazi, who is a personal guarantor to M/s Simna Exim India Pvt. Ltd. The application seeks to initiate the Insolvency Resolution Process. The corporate debtor availed term loan facilities from Bank of Baroda amounting to Rs. 45 lakhs, followed by a supplemental agreement. Due to the impact of COVID-19, the corporate debtor availed additional working capital. The account was classified as NPA due to unavailability of funds. Recovery proceedings were initiated by Bank of Baroda under Section 13(2) of the SARFAESI Act, 2002. The corporate debtor also filed an application under Section
…Mr. Mukhtyar Ali Quazi, a personal guarantor for M/s Simna Exim India Pvt. Ltd., filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor, M/s Simna Exim India Pvt. Ltd., had availed term loan facilities from Bank of Baroda amounting to Rs. 45 lakhs, followed by a supplemental agreement. Due to the impact of COVID-19, the corporate debtor availed additional working capital. The account was classified as NPA by Bank of Baroda on 2023-06-30 due to unavailability of funds. Recovery proceedings were initiated by Bank of Baroda under Section 13(2) of the SARFAESI Act, 2002. The corporate debtor also filed an application under Section 10 of IBC, 2016, which is pending
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Corporate Debtor availed term loan facilities…
Supplemental loan cum hypothecation agreement…
The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy Rules, 2019, by the applicant, Mr. Mukhtyar Ali Quazi, who is a personal guarantor to M/s Simna Exim India Pvt. Ltd. The application seeks to initiate the Insolvency Resolution Process. The corporate debtor availed term loan facilities from Bank of Baroda amounting to Rs. 45 lakhs, followed by a supplemental agreement. Due to the impact of COVID-19, the corporate debtor availed additional working capital. The account was classified as NPA due to unavailability of funds. Recovery proceedings were initiated by Bank of Baroda under Section 13(2) of the SARFAESI Act, 2002. The corporate debtor also filed an application under Section
…Mr. Mukhtyar Ali Quazi, a personal guarantor for M/s Simna Exim India Pvt. Ltd., filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor, M/s Simna Exim India Pvt. Ltd., had availed term loan facilities from Bank of Baroda amounting to Rs. 45 lakhs, followed by a supplemental agreement. Due to the impact of COVID-19, the corporate debtor availed additional working capital. The account was classified as NPA by Bank of Baroda on 2023-06-30 due to unavailability of funds. Recovery proceedings were initiated by Bank of Baroda under Section 13(2) of the SARFAESI Act, 2002. The corporate debtor also filed an application under Section 10 of IBC, 2016, which is pending
…Corporate Debtor availed term loan facilities…
Supplemental loan cum hypothecation agreement…