The application is 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. Shahnaj Bano. The prayer made is to initiate the Insolvency Resolution Process in respect of Ms. Shahnaj Bano, 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 vide loan cum hypothecation agreement dated 05.07.2013. Thereafter, the supplemental loan cum hypothecation agreement was executed on 21.05.2018 by
…Ms. Shahnaj Bano, as a personal guarantor for M/s Simna Exim India Pvt. Ltd. ('Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The Corporate Debtor had availed term loan facilities from Bank of Baroda, including cash credit and working capital facilities. Due to unavailability of funds, the Corporate Debtor's account was classified as NPA. Recovery proceedings were initiated by Bank of Baroda under the SARFAESI Act, 2002. The amount of default of Simna Exim India Private Limited is Rs. 1,20,99,319.91/- and the amount of default of Home Loan is Rs. 59,83,680.38/-, so the total amount of default is Rs. 1,80,83,000.29/- on 09.10.2023 and the date of default
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Corporate Debtor availed term loan…
Debtor availed home…
The application is 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. Shahnaj Bano. The prayer made is to initiate the Insolvency Resolution Process in respect of Ms. Shahnaj Bano, 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 vide loan cum hypothecation agreement dated 05.07.2013. Thereafter, the supplemental loan cum hypothecation agreement was executed on 21.05.2018 by
…Ms. Shahnaj Bano, as a personal guarantor for M/s Simna Exim India Pvt. Ltd. ('Corporate Debtor'), filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The Corporate Debtor had availed term loan facilities from Bank of Baroda, including cash credit and working capital facilities. Due to unavailability of funds, the Corporate Debtor's account was classified as NPA. Recovery proceedings were initiated by Bank of Baroda under the SARFAESI Act, 2002. The amount of default of Simna Exim India Private Limited is Rs. 1,20,99,319.91/- and the amount of default of Home Loan is Rs. 59,83,680.38/-, so the total amount of default is Rs. 1,80,83,000.29/- on 09.10.2023 and the date of default
…Corporate Debtor availed term loan…
Debtor availed home…