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 IBC. The applications were based on the premise that since no CIRP was initiated against the corporate debtor, no insolvency application against the personal guarantor can be filed.
Shapoorji Pallonji Finance Private Limited (Financial Creditor) extended a term loan of Rs. 25,00,00,000 to Jumbo Finvest (India) Limited (NBFC) under a facility agreement dated 27.03.2018. Ajay Kumar Singh, Siddharth Singh, and Rekha Singh acted as personal guarantors for the loan. 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 IBC against the personal guarantors. The personal guarantors filed applications seeking dismissal of the petitions, arguing that Jumbo Finvest, being an NBFC with assets below Rs. 500 crores, does not qualify as a 'Corporate Debtor' under IBC, and
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Date of the facility agreement between…
Jumbo Finvest (India) Limited defaulted on…
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 IBC. The applications were based on the premise that since no CIRP was initiated against the corporate debtor, no insolvency application against the personal guarantor can be filed.
Shapoorji Pallonji Finance Private Limited (Financial Creditor) extended a term loan of Rs. 25,00,00,000 to Jumbo Finvest (India) Limited (NBFC) under a facility agreement dated 27.03.2018. Ajay Kumar Singh, Siddharth Singh, and Rekha Singh acted as personal guarantors for the loan. 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 IBC against the personal guarantors. The personal guarantors filed applications seeking dismissal of the petitions, arguing that Jumbo Finvest, being an NBFC with assets below Rs. 500 crores, does not qualify as a 'Corporate Debtor' under IBC, and
…Date of the facility agreement between…
Jumbo Finvest (India) Limited defaulted on…