The case pertains to a Company Petition (IB/144/2022) filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against Ms. Neetu Gupta, the Personal Guarantor of M/s. MBS Impex Private Limited. ICICI Bank initially provided financial assistance to the Corporate Debtor, for which Ms. Gupta stood as guarantor, executing guarantee agreements on 09.02.2011. ICICI Bank assigned its rights to Rare Asset Reconstruction Limited on 26.08.2022. The Corporate Debtor allegedly defaulted on its payments, leading to the financial creditor filing the petition. The Debt Recovery Tribunal (DRT) had previously passed a decree and issued a recovery certificate against the corporate debtor and guarantors.
ICICI Bank provided financial assistance to M/s. MBS Impex Private Limited, with Ms. Neetu Gupta acting as the personal guarantor, executing guarantee agreements dated 09.02.2011. The corporate debtor defaulted on payments. ICICI Bank assigned its rights to Rare Asset Reconstruction Limited on 26.08.2022. The outstanding debt as of 30.09.2021 was Rs. 49,95,98,391.27/-. The Debt Recovery Tribunal (DRT) had passed a decree and issued a recovery certificate. The financial creditor issued a demand notice on 17.12.2021 to the personal guarantor. The personal guarantor objected to the application, citing limitation and arguing that the corporate debtor's assets were more valuable than the dues claimed. The financial creditor argued that the application was not barred by
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Ms. Neetu Gupta…
Financial creditor…
The case pertains to a Company Petition (IB/144/2022) filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against Ms. Neetu Gupta, the Personal Guarantor of M/s. MBS Impex Private Limited. ICICI Bank initially provided financial assistance to the Corporate Debtor, for which Ms. Gupta stood as guarantor, executing guarantee agreements on 09.02.2011. ICICI Bank assigned its rights to Rare Asset Reconstruction Limited on 26.08.2022. The Corporate Debtor allegedly defaulted on its payments, leading to the financial creditor filing the petition. The Debt Recovery Tribunal (DRT) had previously passed a decree and issued a recovery certificate against the corporate debtor and guarantors.
ICICI Bank provided financial assistance to M/s. MBS Impex Private Limited, with Ms. Neetu Gupta acting as the personal guarantor, executing guarantee agreements dated 09.02.2011. The corporate debtor defaulted on payments. ICICI Bank assigned its rights to Rare Asset Reconstruction Limited on 26.08.2022. The outstanding debt as of 30.09.2021 was Rs. 49,95,98,391.27/-. The Debt Recovery Tribunal (DRT) had passed a decree and issued a recovery certificate. The financial creditor issued a demand notice on 17.12.2021 to the personal guarantor. The personal guarantor objected to the application, citing limitation and arguing that the corporate debtor's assets were more valuable than the dues claimed. The financial creditor argued that the application was not barred by
…Ms. Neetu Gupta…
Financial creditor…