The case pertains to an application filed by Rare Asset Reconstruction 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 Sukesh 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 Sukesh Gupta stood as guarantor, executing guarantee agreements dated 09.02.2011. ICICI Bank assigned its rights to Rare Asset Reconstruction Limited on 26.08.2022. The financial creditor
…M/s. MBS Impex Private Limited (Corporate Debtor) availed working capital facilities from ICICI Bank. Shri Sukesh Gupta acted as the personal guarantor for these facilities, executing guarantee agreements on 09.02.2011. ICICI Bank unconditionally assigned its rights and transferred the financial assistance to Rare Asset Reconstruction Limited (Financial Creditor) on 26.08.2022. The outstanding debt as of 29.11.2021 was Rs. 49,95,98,391.27/-. The Financial Creditor issued a demand notice to the Personal Guarantor on 17.12.2021, but the Personal Guarantor failed to pay the outstanding amount. The Financial Creditor then filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against the
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Sukesh Gupta executed guarantee agreements for…
Corporate Insolvency Resolution Process…
The case pertains to an application filed by Rare Asset Reconstruction 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 Sukesh 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 Sukesh Gupta stood as guarantor, executing guarantee agreements dated 09.02.2011. ICICI Bank assigned its rights to Rare Asset Reconstruction Limited on 26.08.2022. The financial creditor
…M/s. MBS Impex Private Limited (Corporate Debtor) availed working capital facilities from ICICI Bank. Shri Sukesh Gupta acted as the personal guarantor for these facilities, executing guarantee agreements on 09.02.2011. ICICI Bank unconditionally assigned its rights and transferred the financial assistance to Rare Asset Reconstruction Limited (Financial Creditor) on 26.08.2022. The outstanding debt as of 29.11.2021 was Rs. 49,95,98,391.27/-. The Financial Creditor issued a demand notice to the Personal Guarantor on 17.12.2021, but the Personal Guarantor failed to pay the outstanding amount. The Financial Creditor then filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against the
…Sukesh Gupta executed guarantee agreements for…
Corporate Insolvency Resolution Process…