The case involves an application filed by Shapoorji Pallonji Finance Private Limited ('Creditor'/'Applicant') under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against Ms. Rekha Singh ('Personal Guarantor'/'Respondent'). The Personal Guarantor had provided a guarantee for loans availed by M/s Jumbo Finvest (India) Limited ('Corporate Debtor'). The Corporate Debtor defaulted on its repayment obligations, leading to the invocation of the personal guarantee. The Adjudicating Authority initially rejected the application based on preliminary objections, but the Hon'ble NCLAT set aside this order.
Shapoorji Pallonji Finance Private Limited ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Ms. Rekha Singh ('Personal Guarantor'/'Respondent') under Section 95 of the Insolvency and Bankruptcy Code, 2016. Rekha Singh had provided a personal guarantee for loans availed by M/s Jumbo Finvest (India) Limited ('Corporate Debtor'). The loan was sanctioned on 27.03.2018 with a limit of Rs. 25 crores for 36 months. The Corporate Debtor defaulted on payments, leading to the invocation of the personal guarantee. The Corporate Debtor was notified of the default in December 2019. The Applicant deposited cheques issued by the Corporate Debtor, which were returned due to insufficient funds. The Applicant issued a notice on 07.01.2020
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The case involves an application filed by Shapoorji Pallonji Finance Private Limited ('Creditor'/'Applicant') under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against Ms. Rekha Singh ('Personal Guarantor'/'Respondent'). The Personal Guarantor had provided a guarantee for loans availed by M/s Jumbo Finvest (India) Limited ('Corporate Debtor'). The Corporate Debtor defaulted on its repayment obligations, leading to the invocation of the personal guarantee. The Adjudicating Authority initially rejected the application based on preliminary objections, but the Hon'ble NCLAT set aside this order.
Shapoorji Pallonji Finance Private Limited ('Creditor'/'Applicant') filed an application to initiate Insolvency Resolution Process against Ms. Rekha Singh ('Personal Guarantor'/'Respondent') under Section 95 of the Insolvency and Bankruptcy Code, 2016. Rekha Singh had provided a personal guarantee for loans availed by M/s Jumbo Finvest (India) Limited ('Corporate Debtor'). The loan was sanctioned on 27.03.2018 with a limit of Rs. 25 crores for 36 months. The Corporate Debtor defaulted on payments, leading to the invocation of the personal guarantee. The Corporate Debtor was notified of the default in December 2019. The Applicant deposited cheques issued by the Corporate Debtor, which were returned due to insufficient funds. The Applicant issued a notice on 07.01.2020
…Loan was sanctioned to…
Applicant notified the…