The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, by Pradeep Kumar Jain, a personal guarantor to M/s Mittal Lumber Private Limited and M/s Jain Timber Co. Private Limited. The application seeks initiation of the insolvency resolution process against himself. The creditor, Union Bank, was duly served. The corporate applicants and the personal guarantor failed to repay a combined debt of INR 14,96,89,303.88.
Pradeep Kumar Jain, acting as a personal guarantor for M/s Mittal Lumber Private Limited and M/s Jain Timber Co. Private Limited, filed a petition under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of insolvency resolution process against himself. Union Bank, the creditor, was duly served. The corporate applicants and the personal guarantor failed to repay a combined debt of INR 14,96,89,303.88. The application was filed due to the failure to repay the debt. The interim moratorium commenced from 07.09.2022.
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The Creditor of the Corporate Applicants, the…
The interim moratorium in terms of Sec 96(1)(a)…
The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, by Pradeep Kumar Jain, a personal guarantor to M/s Mittal Lumber Private Limited and M/s Jain Timber Co. Private Limited. The application seeks initiation of the insolvency resolution process against himself. The creditor, Union Bank, was duly served. The corporate applicants and the personal guarantor failed to repay a combined debt of INR 14,96,89,303.88.
Pradeep Kumar Jain, acting as a personal guarantor for M/s Mittal Lumber Private Limited and M/s Jain Timber Co. Private Limited, filed a petition under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of insolvency resolution process against himself. Union Bank, the creditor, was duly served. The corporate applicants and the personal guarantor failed to repay a combined debt of INR 14,96,89,303.88. The application was filed due to the failure to repay the debt. The interim moratorium commenced from 07.09.2022.
The Creditor of the Corporate Applicants, the…
The interim moratorium in terms of Sec 96(1)(a)…