The application is 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 Navdeep Singh Shekhawat, the Applicant/Personal Guarantor. The applicant seeks to initiate the Insolvency Resolution Process in respect of himself, being the Personal Guarantor for M/s Super Choco Food LLP ('Corporate Debtor').
Navdeep Singh Shekhawat, acting as the personal guarantor for M/s Super Choco Food LLP (the Corporate Debtor), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor had availed credit facilities from Punjab National Bank (PNB), including a Term Loan of Rs. 3.75 Crores and a Cash Credit facility of Rs. 1 Crore. Due to a lack of funds, the Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 31.10.2017. PNB initiated recovery proceedings and issued notices under Section 13(2) of the SARFAESI Act, 2002, on 07.11.2017. PNB took possession of the Corporate Debtor's immovable property on 15.02.2018 and subsequently published auction sale
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Corporate Debtor…
Corporate Debtor availed Additional…
The application is 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 Navdeep Singh Shekhawat, the Applicant/Personal Guarantor. The applicant seeks to initiate the Insolvency Resolution Process in respect of himself, being the Personal Guarantor for M/s Super Choco Food LLP ('Corporate Debtor').
Navdeep Singh Shekhawat, acting as the personal guarantor for M/s Super Choco Food LLP (the Corporate Debtor), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor had availed credit facilities from Punjab National Bank (PNB), including a Term Loan of Rs. 3.75 Crores and a Cash Credit facility of Rs. 1 Crore. Due to a lack of funds, the Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 31.10.2017. PNB initiated recovery proceedings and issued notices under Section 13(2) of the SARFAESI Act, 2002, on 07.11.2017. PNB took possession of the Corporate Debtor's immovable property on 15.02.2018 and subsequently published auction sale
…Corporate Debtor…
Corporate Debtor availed Additional…