The case involves an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Piramal Trusteeship Services Private Limited, the Financial Creditor, initiated the Personal Guarantor's Insolvency Resolution Process (PGIRP) against Mr. Haresh Hirani, the Personal Guarantor, based on a default that occurred on March 19, 2022, with the amount in default stated as INR 8,89,49,651/-. The Corporate Debtor, Shamik Enterprises Private Limited, had entered into a Loan Agreement with Piramal Finance Limited on March 22, 2018, for a loan of Rs. 52 crores. This loan was secured
…On March 22, 2018, Shamik Enterprises Private Limited (Corporate Debtor) entered into a Loan Agreement with Piramal Finance Limited for a loan of Rs. 52 crores. The loan carried an interest rate of 16.96% p.a., compounded monthly but payable quarterly, with a tenure of 18 quarters and a moratorium of 6 quarters. Haresh Hirani (Respondent/Personal Guarantor) provided an unconditional and irrevocable Personal Guarantee in favor of Piramal Trusteeship Services Private Limited, guaranteeing the repayment of the loan. On February 3, 2022, CIRP was initiated against the Corporate Debtor. On March 4, 2022, the Applicant issued a Demand Notice to the Respondent, seeking repayment of INR 8,89,49,651/-. The Respondent replied on March 22, 2022, admitting that the Corporate
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Shamik Enterprises Private Limited entered…
Haresh Hirani provided…
The case involves an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Piramal Trusteeship Services Private Limited, the Financial Creditor, initiated the Personal Guarantor's Insolvency Resolution Process (PGIRP) against Mr. Haresh Hirani, the Personal Guarantor, based on a default that occurred on March 19, 2022, with the amount in default stated as INR 8,89,49,651/-. The Corporate Debtor, Shamik Enterprises Private Limited, had entered into a Loan Agreement with Piramal Finance Limited on March 22, 2018, for a loan of Rs. 52 crores. This loan was secured
…On March 22, 2018, Shamik Enterprises Private Limited (Corporate Debtor) entered into a Loan Agreement with Piramal Finance Limited for a loan of Rs. 52 crores. The loan carried an interest rate of 16.96% p.a., compounded monthly but payable quarterly, with a tenure of 18 quarters and a moratorium of 6 quarters. Haresh Hirani (Respondent/Personal Guarantor) provided an unconditional and irrevocable Personal Guarantee in favor of Piramal Trusteeship Services Private Limited, guaranteeing the repayment of the loan. On February 3, 2022, CIRP was initiated against the Corporate Debtor. On March 4, 2022, the Applicant issued a Demand Notice to the Respondent, seeking repayment of INR 8,89,49,651/-. The Respondent replied on March 22, 2022, admitting that the Corporate
…Shamik Enterprises Private Limited entered…
Haresh Hirani provided…