The case pertains to an application filed by Punjab National Bank under Section 95(1) 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Motilal Dugar, the personal guarantor to Kohinoor Steels Pvt. Ltd. The application was filed due to the credit facilities extended by the bank in favor of KSPL.
Punjab National Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Motilal Dugar, who is the personal guarantor to Kohinoor Steels Pvt. Ltd. (KSPL). The application was filed due to credit facilities extended by the bank to KSPL. The Adjudicating Authority appointed Mr. Sajjan Kumar Dokania as the Resolution Professional. The Resolution Professional submitted a report recommending the admission of the application, stating that it satisfied the requirements of Section 95 of the IBC, 2016. The Resolution Professional sent notices to Mr. Dugar but received no response. The personal guarantee agreement dated 2015-06-29 was not cancelled. The Adjudicating Authority admitted the
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The case pertains to an application filed by Punjab National Bank under Section 95(1) 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Motilal Dugar, the personal guarantor to Kohinoor Steels Pvt. Ltd. The application was filed due to the credit facilities extended by the bank in favor of KSPL.
Punjab National Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Motilal Dugar, who is the personal guarantor to Kohinoor Steels Pvt. Ltd. (KSPL). The application was filed due to credit facilities extended by the bank to KSPL. The Adjudicating Authority appointed Mr. Sajjan Kumar Dokania as the Resolution Professional. The Resolution Professional submitted a report recommending the admission of the application, stating that it satisfied the requirements of Section 95 of the IBC, 2016. The Resolution Professional sent notices to Mr. Dugar but received no response. The personal guarantee agreement dated 2015-06-29 was not cancelled. The Adjudicating Authority admitted the
…The Adjudicating Authority appointed Mr.…
The order was…