The application was filed under Section 94(1) 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 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.
Mr. Mukhtyar Ali Quazi, as 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. M/s Simna Exim India Pvt. Ltd. had availed term loan facilities amounting to Rs. 45 lakhs from Bank of Baroda, followed by a supplemental loan. Due to the impact of COVID-19, the Corporate Debtor availed a working capital facility of Rs. 27 lakhs. The Corporate Debtor's account was classified as NPA on 2023-06-30 due to unavailability of funds. The applicant also availed working capital facility from Bank of Baroda as the proprietor of Aamna Enterprises. Recovery proceedings were initiated by Bank of Baroda, and a notice under Section 13(2) of the
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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 (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) 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.
Mr. Mukhtyar Ali Quazi, as 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. M/s Simna Exim India Pvt. Ltd. had availed term loan facilities amounting to Rs. 45 lakhs from Bank of Baroda, followed by a supplemental loan. Due to the impact of COVID-19, the Corporate Debtor availed a working capital facility of Rs. 27 lakhs. The Corporate Debtor's account was classified as NPA on 2023-06-30 due to unavailability of funds. The applicant also availed working capital facility from Bank of Baroda as the proprietor of Aamna Enterprises. Recovery proceedings were initiated by Bank of Baroda, and a notice under Section 13(2) of the
…Corporate Debtor availed term loan facilities…
Supplemental loan cum hypothecation agreement…