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, Shiv Kumar, who is the personal guarantor of M/s Ambition Indo Steel LLP. The applicant seeks to initiate the Insolvency Resolution Process. The Corporate Debtor is a Limited Liability Partnership registered on 01.09.2015.
Shiv Kumar, the personal guarantor of M/s Ambition Indo Steel LLP, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process. The Corporate Debtor, Ambition Indo Steel LLP, is a Limited Liability Partnership registered on 01.09.2015. The Corporate Debtor availed credit facilities from various creditors and defaulted in repayment due to surges in steel prices. As of the application date, the Corporate Debtor defaulted in repayment to seven creditors, including Kotak Mahindra Bank Ltd., IDFC First Bank Ltd., Lendingkart Finance Ltd., Axis Finance Ltd., Aditya Birla Finance Ltd., Hero Fincorp Ltd., and Poonawalla Fincorp Ltd., with a total default amount of Rs. 49,87,100/-. Axis Finance Limited,
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Ambition Indo Steel LLP…
Axis Finance Limited…
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, Shiv Kumar, who is the personal guarantor of M/s Ambition Indo Steel LLP. The applicant seeks to initiate the Insolvency Resolution Process. The Corporate Debtor is a Limited Liability Partnership registered on 01.09.2015.
Shiv Kumar, the personal guarantor of M/s Ambition Indo Steel LLP, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process. The Corporate Debtor, Ambition Indo Steel LLP, is a Limited Liability Partnership registered on 01.09.2015. The Corporate Debtor availed credit facilities from various creditors and defaulted in repayment due to surges in steel prices. As of the application date, the Corporate Debtor defaulted in repayment to seven creditors, including Kotak Mahindra Bank Ltd., IDFC First Bank Ltd., Lendingkart Finance Ltd., Axis Finance Ltd., Aditya Birla Finance Ltd., Hero Fincorp Ltd., and Poonawalla Fincorp Ltd., with a total default amount of Rs. 49,87,100/-. Axis Finance Limited,
…Ambition Indo Steel LLP…
Axis Finance Limited…