The case pertains to an application filed under Section 94 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The applicant, Shyamsunder Nandkishore Gupta, is the Personal Guarantor to Gupta Synthetic Limited, the Corporate Debtor. The application seeks to initiate Insolvency Resolution Process against the Personal Guarantor.
Shyamsunder Nandkishore Gupta, the Personal Guarantor/Petitioner, filed a petition under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against himself. He is the personal guarantor to Gupta Synthetic Limited, the Corporate Debtor. The Personal Guarantor had given a guarantee on 27.03.2008 in favour of the Corporate Debtor, Gupta Synthetic Limited, to secure repayment of credit facilities extended by Kotak Mahindra Bank. The Corporate Debtor defaulted in repayment and was admitted into CIRP on 17.09.2019. An order for liquidation of the Corporate Debtor was passed on 14.07.2020. Kotak Mahindra Bank had obtained a Recovery Certificate No. 40 of 2021 dated 27.11.2020 from the Debt Recovery Tribunal (DRT) and
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The Personal Guarantor gave a guarantee in…
The Corporate…
The case pertains to an application filed under Section 94 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The applicant, Shyamsunder Nandkishore Gupta, is the Personal Guarantor to Gupta Synthetic Limited, the Corporate Debtor. The application seeks to initiate Insolvency Resolution Process against the Personal Guarantor.
Shyamsunder Nandkishore Gupta, the Personal Guarantor/Petitioner, filed a petition under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against himself. He is the personal guarantor to Gupta Synthetic Limited, the Corporate Debtor. The Personal Guarantor had given a guarantee on 27.03.2008 in favour of the Corporate Debtor, Gupta Synthetic Limited, to secure repayment of credit facilities extended by Kotak Mahindra Bank. The Corporate Debtor defaulted in repayment and was admitted into CIRP on 17.09.2019. An order for liquidation of the Corporate Debtor was passed on 14.07.2020. Kotak Mahindra Bank had obtained a Recovery Certificate No. 40 of 2021 dated 27.11.2020 from the Debt Recovery Tribunal (DRT) and
…The Personal Guarantor gave a guarantee in…
The Corporate…