Standard Chartered Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Abdul Rehman Basheeruddin, the Personal Guarantor, for loans availed by the Corporate Debtor, Furnace Fabrica (India) Limited. The bank sought to recover outstanding debts for which the personal guarantee was provided.
Standard Chartered Bank, the Financial Creditor, filed a petition against Mr. Abdul Rehman Basheeruddin, the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition pertains to loans availed by Furnace Fabrica (India) Limited, the Corporate Debtor, for which Mr. Basheeruddin provided a personal guarantee. The Corporate Debtor availed Consortium Facilities and Bilateral Facilities from the petitioner. The Consortium included State Bank of India, Export-Import Bank of India, and others, providing credit facilities aggregating to Rs. 288,00,00,000. The petitioner also granted Bilateral Facilities amounting to Rs. 57,60,000,000. The facilities were secured through various means, including personal guarantees from Mr.
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Unattested Memorandum…
Unattested Memorandum…
Standard Chartered Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Abdul Rehman Basheeruddin, the Personal Guarantor, for loans availed by the Corporate Debtor, Furnace Fabrica (India) Limited. The bank sought to recover outstanding debts for which the personal guarantee was provided.
Standard Chartered Bank, the Financial Creditor, filed a petition against Mr. Abdul Rehman Basheeruddin, the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition pertains to loans availed by Furnace Fabrica (India) Limited, the Corporate Debtor, for which Mr. Basheeruddin provided a personal guarantee. The Corporate Debtor availed Consortium Facilities and Bilateral Facilities from the petitioner. The Consortium included State Bank of India, Export-Import Bank of India, and others, providing credit facilities aggregating to Rs. 288,00,00,000. The petitioner also granted Bilateral Facilities amounting to Rs. 57,60,000,000. The facilities were secured through various means, including personal guarantees from Mr.
…Unattested Memorandum…
Unattested Memorandum…