The case involves an application IA-1406/2022 filed in Company Petition (IB) No. 71(ND)/2022 under Sections 96, 97, 99 & 100 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. Noble Cooperative Bank Ltd., the financial creditor, filed a petition against Mr. Vivek Prakash, the personal guarantor of the corporate debtor, Jarvis Infratech Private Limited, for outstanding dues of Rs. 1,03,69,628/-.
Noble Cooperative Bank Ltd. filed a petition against Mr. Vivek Prakash, who is the personal guarantor for Jarvis Infratech Private Limited, the corporate debtor. The petition was filed under Section 95 of the IBC, seeking to initiate the insolvency resolution process against the personal guarantor due to outstanding dues of Rs. 1,03,69,628/-. Jarvis Infratech Private Limited was admitted into CIRP on 10.02.2020 and subsequently went into liquidation on 16.02.2021. The financial creditor, Noble Cooperative Bank Ltd., filed a claim with the liquidator for Rs. 1,27,69,628/-, out of which Rs. 1,25,69,628/- was admitted. A payment of Rs. 22,00,000/- was made from the liquidation proceeds. The corporate debtor availed an overdraft loan facility, executing a loan application
…Sign in to view the parties.
The Corporate Debtor executed the Overdraft…
The Corporate Debtor executed Loan Agreement,…
The case involves an application IA-1406/2022 filed in Company Petition (IB) No. 71(ND)/2022 under Sections 96, 97, 99 & 100 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. Noble Cooperative Bank Ltd., the financial creditor, filed a petition against Mr. Vivek Prakash, the personal guarantor of the corporate debtor, Jarvis Infratech Private Limited, for outstanding dues of Rs. 1,03,69,628/-.
Noble Cooperative Bank Ltd. filed a petition against Mr. Vivek Prakash, who is the personal guarantor for Jarvis Infratech Private Limited, the corporate debtor. The petition was filed under Section 95 of the IBC, seeking to initiate the insolvency resolution process against the personal guarantor due to outstanding dues of Rs. 1,03,69,628/-. Jarvis Infratech Private Limited was admitted into CIRP on 10.02.2020 and subsequently went into liquidation on 16.02.2021. The financial creditor, Noble Cooperative Bank Ltd., filed a claim with the liquidator for Rs. 1,27,69,628/-, out of which Rs. 1,25,69,628/- was admitted. A payment of Rs. 22,00,000/- was made from the liquidation proceeds. The corporate debtor availed an overdraft loan facility, executing a loan application
…The Corporate Debtor executed the Overdraft…
The Corporate Debtor executed Loan Agreement,…