The case pertains to 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. Pinki Aggarwal, the applicant and personal guarantor, through Resolution Professional Mr. Arunesh Kumar Dubey. The application seeks to initiate the insolvency resolution process for Mrs. Pinki Aggarwal, who is the personal guarantor for M/s Sewa Steels Pvt. Ltd. ('Corporate Debtor'). The corporate debtor had taken loans from various lenders, including M/s Ram Alloy Castings Private Limited and HDFC Bank. The corporate debtor defaulted on repayments, leading to the initiation
…Mrs. Pinki Aggarwal filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor to M/s Sewa Steels Pvt. Ltd. ('Corporate Debtor'). The Corporate Debtor had approached lenders, including M/s Ram Alloy Castings Private Limited, for a loan of Rs. 1,64,00,000 in 2016. Mr. Birendra Kumar, the sole working director of the Corporate Debtor, passed away on 03.05.2021 due to COVID-19, leading to the suspension of the business. The Corporate Debtor defaulted on repayments, resulting in two Company Petitions filed against it. HDFC Bank had sanctioned working capital and other loans to the Corporate Debtor, which were renewed on 05.09.2020. A credit facility of Rs. 13,50,00,000 was sanctioned, with Mrs. Pinki Aggarwal providing a
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Corporate Debtor approached lenders, including…
Mr. Birendra Kumar, sole working director of…
The case pertains to 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. Pinki Aggarwal, the applicant and personal guarantor, through Resolution Professional Mr. Arunesh Kumar Dubey. The application seeks to initiate the insolvency resolution process for Mrs. Pinki Aggarwal, who is the personal guarantor for M/s Sewa Steels Pvt. Ltd. ('Corporate Debtor'). The corporate debtor had taken loans from various lenders, including M/s Ram Alloy Castings Private Limited and HDFC Bank. The corporate debtor defaulted on repayments, leading to the initiation
…Mrs. Pinki Aggarwal filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor to M/s Sewa Steels Pvt. Ltd. ('Corporate Debtor'). The Corporate Debtor had approached lenders, including M/s Ram Alloy Castings Private Limited, for a loan of Rs. 1,64,00,000 in 2016. Mr. Birendra Kumar, the sole working director of the Corporate Debtor, passed away on 03.05.2021 due to COVID-19, leading to the suspension of the business. The Corporate Debtor defaulted on repayments, resulting in two Company Petitions filed against it. HDFC Bank had sanctioned working capital and other loans to the Corporate Debtor, which were renewed on 05.09.2020. A credit facility of Rs. 13,50,00,000 was sanctioned, with Mrs. Pinki Aggarwal providing a
…Corporate Debtor approached lenders, including…
Mr. Birendra Kumar, sole working director of…