The application is filed under Section 94 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Rattan Lal Jain, the Applicant/Personal Guarantor. The applicant seeks to initiate the Insolvency Resolution Process as a personal guarantor for M/s Namokar Strips Pvt. Ltd. ('Corporate Debtor'). During 2013-17, the Corporate Debtor incurred losses due to business failures and failure to repay debts. The applicant, along with the Directors of the Corporate Debtor, entered into transactions with multiple creditors, availing inter-corporate loans and credit facilities from HDFC Bank, where the applicant
…Rattan Lal Jain, acting as a personal guarantor for M/s Namokar Strips Pvt. Ltd. (the Corporate Debtor), filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor incurred losses between 2013 and 2017, leading to a failure to repay debts. HDFC Bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, against the Corporate Debtor and its personal guarantors, including Rattan Lal Jain. The Income Tax Department also issued a notice under Section 148A of the Income Tax Act, 1961. The total default amount was stated as Rs. 3,42,49,899/-, including Rs. 2,58,49,899/- against HDFC Bank and Rs. 84,00,000/- for the Income Tax Department. The application was filed in
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During the period of 2013-17, the Corporate…
HDFC Bank issued a notice under Section 13(2) of…
The application is filed under Section 94 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Rattan Lal Jain, the Applicant/Personal Guarantor. The applicant seeks to initiate the Insolvency Resolution Process as a personal guarantor for M/s Namokar Strips Pvt. Ltd. ('Corporate Debtor'). During 2013-17, the Corporate Debtor incurred losses due to business failures and failure to repay debts. The applicant, along with the Directors of the Corporate Debtor, entered into transactions with multiple creditors, availing inter-corporate loans and credit facilities from HDFC Bank, where the applicant
…Rattan Lal Jain, acting as a personal guarantor for M/s Namokar Strips Pvt. Ltd. (the Corporate Debtor), filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor incurred losses between 2013 and 2017, leading to a failure to repay debts. HDFC Bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, against the Corporate Debtor and its personal guarantors, including Rattan Lal Jain. The Income Tax Department also issued a notice under Section 148A of the Income Tax Act, 1961. The total default amount was stated as Rs. 3,42,49,899/-, including Rs. 2,58,49,899/- against HDFC Bank and Rs. 84,00,000/- for the Income Tax Department. The application was filed in
…During the period of 2013-17, the Corporate…
HDFC Bank issued a notice under Section 13(2) of…