The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. Rutika Creations Pvt. Ltd. had executed a personal loan cum guarantee agreement of Rs.35,00,000/- with Kotak Mahindra Bank, with the applicant standing as a guarantor. The date of default of payment was 31.03.2018. Kotak Mahindra Bank issued a recall notice to the guarantor on 07.02.2018 and a demand notice on 07.03.2018. The Authority appointed a Resolution Professional (RP) on 26.07.2022, who filed a report on 08.12.2023 recommending the admission of the application.
Rutika Creations Pvt. Ltd. executed a personal loan cum guarantee agreement of Rs. 35,00,000 with Kotak Mahindra Bank. Sanjaybhai D Kanani stood as a guarantor for this agreement. The date of default of payment was 31.03.2018. Kotak Mahindra Bank issued a recall notice to the guarantor on 07.02.2018 and a demand notice on 07.03.2018. The demand notice was addressed to Rutika Creation Pvt. Ltd. and Kiran Sanjaybhai Kanani, but not to Sanjaybhai D Kanani. Sanjaybhai D Kanani filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016. The Respondent argued that the Petitioner has suppressed information regarding cases filed by the Respondent under the Negotiable Instrument Act. The Resolution Professional (RP) filed a report recommending the
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The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. Rutika Creations Pvt. Ltd. had executed a personal loan cum guarantee agreement of Rs.35,00,000/- with Kotak Mahindra Bank, with the applicant standing as a guarantor. The date of default of payment was 31.03.2018. Kotak Mahindra Bank issued a recall notice to the guarantor on 07.02.2018 and a demand notice on 07.03.2018. The Authority appointed a Resolution Professional (RP) on 26.07.2022, who filed a report on 08.12.2023 recommending the admission of the application.
Rutika Creations Pvt. Ltd. executed a personal loan cum guarantee agreement of Rs. 35,00,000 with Kotak Mahindra Bank. Sanjaybhai D Kanani stood as a guarantor for this agreement. The date of default of payment was 31.03.2018. Kotak Mahindra Bank issued a recall notice to the guarantor on 07.02.2018 and a demand notice on 07.03.2018. The demand notice was addressed to Rutika Creation Pvt. Ltd. and Kiran Sanjaybhai Kanani, but not to Sanjaybhai D Kanani. Sanjaybhai D Kanani filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016. The Respondent argued that the Petitioner has suppressed information regarding cases filed by the Respondent under the Negotiable Instrument Act. The Resolution Professional (RP) filed a report recommending the
…The date of default of…
Kotak Mahindra Bank…