Shapoorji Pallonji Finance Private Limited filed company petitions under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ajay Kumar Singh, Siddharth Singh, and Rekha Singh, who are personal guarantors to Jumbo Finvest (India) Limited. The personal guarantors filed applications seeking dismissal of the company petitions, arguing that Jumbo Finvest, being a Non-Banking Financial Company (NBFC) with assets below Rs. 500 crores, does not qualify as a 'Corporate Debtor' under the IBC. The applications were filed under Section 60(5) of the IBC read with Rule 49 of the NCLT Rules, 2016.
Shapoorji Pallonji Finance Private Limited (the Financial Creditor) advanced a term loan of Rs. 25,00,00,000/- to Jumbo Finvest (India) Limited (the Principal Borrower), a Non-Banking Finance Company (NBFC), under a facility agreement dated 27.03.2018. The loan was secured by personal guarantees from Ajay Kumar Singh, Siddharth Singh, and Rekha Singh. Jumbo Finvest defaulted on interest payments for September and October 2020 and failed to repay the principal installment for the quarter ending September 2020. Shapoorji Pallonji Finance Private Limited filed company petitions under Section 95 of the IBC against the personal guarantors. The personal guarantors filed applications seeking dismissal of the petitions, arguing that Jumbo Finvest, being an NBFC with assets
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Date of the facility agreement between…
Jumbo Finvest failed to make interest payments…
Shapoorji Pallonji Finance Private Limited filed company petitions under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Ajay Kumar Singh, Siddharth Singh, and Rekha Singh, who are personal guarantors to Jumbo Finvest (India) Limited. The personal guarantors filed applications seeking dismissal of the company petitions, arguing that Jumbo Finvest, being a Non-Banking Financial Company (NBFC) with assets below Rs. 500 crores, does not qualify as a 'Corporate Debtor' under the IBC. The applications were filed under Section 60(5) of the IBC read with Rule 49 of the NCLT Rules, 2016.
Shapoorji Pallonji Finance Private Limited (the Financial Creditor) advanced a term loan of Rs. 25,00,00,000/- to Jumbo Finvest (India) Limited (the Principal Borrower), a Non-Banking Finance Company (NBFC), under a facility agreement dated 27.03.2018. The loan was secured by personal guarantees from Ajay Kumar Singh, Siddharth Singh, and Rekha Singh. Jumbo Finvest defaulted on interest payments for September and October 2020 and failed to repay the principal installment for the quarter ending September 2020. Shapoorji Pallonji Finance Private Limited filed company petitions under Section 95 of the IBC against the personal guarantors. The personal guarantors filed applications seeking dismissal of the petitions, arguing that Jumbo Finvest, being an NBFC with assets
…Date of the facility agreement between…
Jumbo Finvest failed to make interest payments…