The case pertains to a petition filed by ICICI Bank Limited, the financial creditor, 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, seeking initiation of the Insolvency Resolution Process against Anurag Gupta, the personal guarantor of M/s. MBS Impex Private Limited, the corporate debtor. The corporate debtor had availed working capital facilities from ICICI Bank, and Anurag Gupta stood as guarantor, executing guarantee agreements dated 09.02.2011. The corporate debtor defaulted on payments, leading the financial creditor to file Original Applications before the Debt
…ICICI Bank Limited extended working capital facilities, including overdraft and SBLC/BG, to M/s. MBS Impex Private Limited. Anurag Gupta acted as a personal guarantor for these facilities, executing guarantee agreements on February 9, 2011. M/s. MBS Impex Private Limited defaulted on its repayment obligations. ICICI Bank Limited and its associated banks initiated recovery proceedings before the Debt Recovery Tribunal (DRT). The DRT issued a decree and recovery certificate directing the corporate debtor and guarantors to pay the outstanding amount within 30 days, but they failed to comply. ICICI Bank Limited assigned its rights and interests in the financial assistance to Rare Asset Reconstruction Limited on August 26, 2022. Rare Asset Reconstruction Limited issued a
…Sign in to view the parties.
Anurag Gupta executed guarantee agreements…
Debt Recovery Tribunal (DRT), Hyderabad,…
The case pertains to a petition filed by ICICI Bank Limited, the financial creditor, 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, seeking initiation of the Insolvency Resolution Process against Anurag Gupta, the personal guarantor of M/s. MBS Impex Private Limited, the corporate debtor. The corporate debtor had availed working capital facilities from ICICI Bank, and Anurag Gupta stood as guarantor, executing guarantee agreements dated 09.02.2011. The corporate debtor defaulted on payments, leading the financial creditor to file Original Applications before the Debt
…ICICI Bank Limited extended working capital facilities, including overdraft and SBLC/BG, to M/s. MBS Impex Private Limited. Anurag Gupta acted as a personal guarantor for these facilities, executing guarantee agreements on February 9, 2011. M/s. MBS Impex Private Limited defaulted on its repayment obligations. ICICI Bank Limited and its associated banks initiated recovery proceedings before the Debt Recovery Tribunal (DRT). The DRT issued a decree and recovery certificate directing the corporate debtor and guarantors to pay the outstanding amount within 30 days, but they failed to comply. ICICI Bank Limited assigned its rights and interests in the financial assistance to Rare Asset Reconstruction Limited on August 26, 2022. Rare Asset Reconstruction Limited issued a
…Anurag Gupta executed guarantee agreements…
Debt Recovery Tribunal (DRT), Hyderabad,…