The case involves an application 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 Mrs. Nirmala Rangachari, a personal guarantor to M/s. Hitro Energy Solutions Pvt. Ltd. The application seeks to initiate the Insolvency Resolution Process against Mrs. Nirmala Rangachari in her capacity as a personal guarantor.
Mrs. Nirmala Rangachari, the applicant, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process as a personal guarantor to the Corporate Debtor, M/s. Hitro Energy Solutions Pvt. Ltd. M/s. Hitro Energy Solutions Pvt. Ltd. had taken credit facilities from Indian Bank, the respondent. Mrs. Rangachari had provided a personal guarantee for the loan. The Corporate Debtor defaulted on the repayment of the debt. The amount of default is Rs. 3,00,53,741.61/-, and the date of default is 12.11.2021. Indian Bank issued a Demand Notice dated 21.09.2023 under Section 13(2) of the SARFAESI Act, 2022, and a Symbolic Possession Notice dated 20.12.2023. The applicant has placed documents at Page 16-33
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The Corporate Debtor…
Indian Bank issued a…
The case involves an application 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 Mrs. Nirmala Rangachari, a personal guarantor to M/s. Hitro Energy Solutions Pvt. Ltd. The application seeks to initiate the Insolvency Resolution Process against Mrs. Nirmala Rangachari in her capacity as a personal guarantor.
Mrs. Nirmala Rangachari, the applicant, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process as a personal guarantor to the Corporate Debtor, M/s. Hitro Energy Solutions Pvt. Ltd. M/s. Hitro Energy Solutions Pvt. Ltd. had taken credit facilities from Indian Bank, the respondent. Mrs. Rangachari had provided a personal guarantee for the loan. The Corporate Debtor defaulted on the repayment of the debt. The amount of default is Rs. 3,00,53,741.61/-, and the date of default is 12.11.2021. Indian Bank issued a Demand Notice dated 21.09.2023 under Section 13(2) of the SARFAESI Act, 2022, and a Symbolic Possession Notice dated 20.12.2023. The applicant has placed documents at Page 16-33
…The Corporate Debtor…
Indian Bank issued a…