The application is filed under Section 94 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 by the Applicant/ Personal Guarantor, Shiv Kumar. The applicant seeks to initiate the Insolvency Resolution Process as a personal guarantor for M/s Ambition Indo Steel LLP, the Corporate Debtor. The Corporate Debtor is a Limited Liability Partnership registered on 01.09.2015.
Shiv Kumar, acting as a personal guarantor for M/s Ambition Indo Steel LLP, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor, Ambition Indo Steel LLP, a Limited Liability Partnership registered on 01.09.2015, availed credit facilities from various creditors but defaulted due to surges in steel prices, resulting in a total default of Rs. 49,87,100 to seven creditors. Key creditors include Kotak Mahindra Bank Ltd. (Rs. 17,21,829), IDFC First Bank Ltd. (Rs. 7,36,825), and Axis Finance Ltd. (Rs. 22,36,433). Axis Finance Limited raised objections, stating that a loan of Rs. 25,08,413 was sanctioned at 17% per annum, but the borrower defaulted, leading to a loan
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Ambition Indo Steel LLP…
Answering Respondent issued a loan recall…
The application is filed under Section 94 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 by the Applicant/ Personal Guarantor, Shiv Kumar. The applicant seeks to initiate the Insolvency Resolution Process as a personal guarantor for M/s Ambition Indo Steel LLP, the Corporate Debtor. The Corporate Debtor is a Limited Liability Partnership registered on 01.09.2015.
Shiv Kumar, acting as a personal guarantor for M/s Ambition Indo Steel LLP, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The Corporate Debtor, Ambition Indo Steel LLP, a Limited Liability Partnership registered on 01.09.2015, availed credit facilities from various creditors but defaulted due to surges in steel prices, resulting in a total default of Rs. 49,87,100 to seven creditors. Key creditors include Kotak Mahindra Bank Ltd. (Rs. 17,21,829), IDFC First Bank Ltd. (Rs. 7,36,825), and Axis Finance Ltd. (Rs. 22,36,433). Axis Finance Limited raised objections, stating that a loan of Rs. 25,08,413 was sanctioned at 17% per annum, but the borrower defaulted, leading to a loan
…Ambition Indo Steel LLP…
Answering Respondent issued a loan recall…