The application was filed under Section 94(1) 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 the Applicant/Personal Guarantor, Ms. Samjida Bano Quazi. The prayer was to initiate the Insolvency Resolution Process in respect of Ms. Samjida Bano Quazi, being the Personal Guarantor for M/s Simna Exim India Pvt. Ltd. (‘Corporate Debtor’). The Corporate Debtor availed term loan facilities in the form of cash credit amounting to Rs. 45 lakhs from Bank of Baroda ('BoB') vide loan cum hypothecation agreement dated 05.07.2013. A supplemental loan cum hypothecation agreement was executed on
…Ms. Samjida Bano Quazi, acting as a personal guarantor for M/s Simna Exim India Pvt. Ltd. (the Corporate Debtor), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor had availed various loan facilities from Bank of Baroda, including a term loan of Rs. 45 lakhs and a working capital facility of Rs. 27 lakhs. Due to financial difficulties exacerbated by COVID-19, the Corporate Debtor's account was classified as a Non-Performing Asset (NPA) by the Bank of Baroda. Recovery proceedings were initiated by the bank under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor also filed an application under Section 10 of the IBC, which is currently pending
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Corporate Debtor availed term loan facilities…
Debtor availed working…
The application was filed under Section 94(1) 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 the Applicant/Personal Guarantor, Ms. Samjida Bano Quazi. The prayer was to initiate the Insolvency Resolution Process in respect of Ms. Samjida Bano Quazi, being the Personal Guarantor for M/s Simna Exim India Pvt. Ltd. (‘Corporate Debtor’). The Corporate Debtor availed term loan facilities in the form of cash credit amounting to Rs. 45 lakhs from Bank of Baroda ('BoB') vide loan cum hypothecation agreement dated 05.07.2013. A supplemental loan cum hypothecation agreement was executed on
…Ms. Samjida Bano Quazi, acting as a personal guarantor for M/s Simna Exim India Pvt. Ltd. (the Corporate Debtor), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor had availed various loan facilities from Bank of Baroda, including a term loan of Rs. 45 lakhs and a working capital facility of Rs. 27 lakhs. Due to financial difficulties exacerbated by COVID-19, the Corporate Debtor's account was classified as a Non-Performing Asset (NPA) by the Bank of Baroda. Recovery proceedings were initiated by the bank under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor also filed an application under Section 10 of the IBC, which is currently pending
…Corporate Debtor availed term loan facilities…
Debtor availed working…