The case pertains to an application filed by Rare Asset Reconstruction Limited (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 (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 the Financial Creditor on 26.08.2022. The Financial Creditor issued a demand
…ICICI Bank extended working capital facilities to M/s. MBS Impex Private Limited (Corporate Debtor). Shri Sukesh Gupta stood as a personal guarantor for these facilities, executing guarantee agreements dated 09.02.2011. The Corporate Debtor defaulted on the repayment of the loan. ICICI Bank assigned its rights and interests to Rare Asset Reconstruction Limited (Financial Creditor) on 26.08.2022. The Financial Creditor issued a demand notice to the personal guarantor on 17.12.2021, but the guarantor failed to pay the outstanding amounts. 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 personal guarantor. The respondent argued that the
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Sukesh Gupta e…
Corporate Insolvency…
The case pertains to an application filed by Rare Asset Reconstruction Limited (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 (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 the Financial Creditor on 26.08.2022. The Financial Creditor issued a demand
…ICICI Bank extended working capital facilities to M/s. MBS Impex Private Limited (Corporate Debtor). Shri Sukesh Gupta stood as a personal guarantor for these facilities, executing guarantee agreements dated 09.02.2011. The Corporate Debtor defaulted on the repayment of the loan. ICICI Bank assigned its rights and interests to Rare Asset Reconstruction Limited (Financial Creditor) on 26.08.2022. The Financial Creditor issued a demand notice to the personal guarantor on 17.12.2021, but the guarantor failed to pay the outstanding amounts. 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 personal guarantor. The respondent argued that the
…Sukesh Gupta e…
Corporate Insolvency…