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
…Rare Asset Reconstruction Limited, the financial creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate 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. Sukesh Gupta stood as guarantor and executed guarantee agreements dated 09.02.2011. ICICI Bank assigned its rights to Rare Asset Reconstruction Limited 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 on 17.12.2021 to the personal guarantor after the corporate debtor and personal guarantor failed to pay the outstanding
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Sukesh Gupta e…
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
…Rare Asset Reconstruction Limited, the financial creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate 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. Sukesh Gupta stood as guarantor and executed guarantee agreements dated 09.02.2011. ICICI Bank assigned its rights to Rare Asset Reconstruction Limited 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 on 17.12.2021 to the personal guarantor after the corporate debtor and personal guarantor failed to pay the outstanding
…Sukesh Gupta e…
Corporate Insolvency Resolution Process…